Reality is that the company still has plenty of revenue and just needs to scale the Foundry and Products to better fit the addressable market (not some fantasy market where everyone comes back to Intel).
The Product side has gotten back on the latest nodes and retains impressive enough design capabilities that numerous companies are interested in a buyout.
Foundry is caught up or at least closer to TSMC and is now transitioned to EUV, the delay of which was the real issue. Foundry mgmt already gets that they need to be cost competitive and that too much excess capacity was added for what is likely to be slow and steady foundry adoption by internal and external customers.
Foundry can improve its chances by being broken out of Intel, even if that is an IPO or partial sale where Intel retains majority ownership.
Products can improve their chances by getting the government to allow them to be merged with QCOM or AMD, and some other companies for the smaller divisions.
The only obstacle to all this was just 'refired' by a board that is out of patience for any solution that tries to get the old Intel back. Those days are gone. Time to move on.