It is highly likely the company will need to spinoff several business groups to survive. TMG, itself, can be considered the "Deadwood" the OP is referring to. Intel's forte in chip mfg was to stay 3-4 years in front of the competition, thereby maximizing profits for every new technology it proudly introduced to the world.
Now it is behind, and falling further behind every passing day like a worn out thoroughbred in the homestretch.
Once it changed strategy to chip foundry, they are playing TSMC's game, and TSMC is dictating the terms and conditions. Intel cannot win since they had already lost that they were once good at. It's a done deal.