What most people on here are advocating is effectively hitting the reset button (which we did when we moved Crash etc.). Let's sign multiple 1st round draft picks (agree that there's no guarantee that any one of them will become a franchise player) and develop them. Let's not commit big money, in the long term, to average free agents so as to preserve our cap space. This way we should develop a young, well balanced squad with depth who are able to compete together, win games together and play together as a team. Once we have achieved this we then target a top tier free agent or two. Now that these top tier guys can see our team is in a good financial state, has a core of good players who have played together, won together and built an identity together we become a far more attractive option.
There is no guarantee that this reset/draft/develop then target a quality free agent or two approach will put us in contention for a championship. But it is the best option for us and other teams who aren't located in big markets to do so. And it is arguably our only option to gain a franchise player, as outside of the teams that draft them, these franchise types tend to look to bigger market teams to build their 'brand'.
One thing I agree with you about is that I hate the term tanking. It has connotations of giving up and not even trying to win. This team will try to win every game next season, but due to the lack of experience we probably won't win more than 25 games. Though in doing so we will have given our young players valuable playing time, have developed a style of play that is second nature to those guys and be ready to add anther one or two high draft picks to continue this process. This is our best, and arguably only, shot at having a truly successful team to support.
To steal Whiz Kids phrase, we need to Acquire/Develop/Mould talent. To continue with the housing analogy you used above, we are building a solid foundation before adding the hot tub and home cinema that will finish the place off. Or if you're more of an interior guy, we're making sure the plastering is smooth before chucking on the fancy wallpaper.