They still have time to find a possible replacement, so the last word is not said on this matter.
Honestly, I have good expectations, but if I understand correctly, they would also lose the coach who goes to coach Brazil or am I wrong? So it could get bad
Yes, you're right, Ancelotti will be coach of Brazil team in the summer 2024, so he'll still have a whole season to win La Liga and possibly another Champions League. ) By the way, there are rumors that Real have already offered Negelsman a place in Real, after Ancelotti's departure, so that he waits for this season and does not sign contracts with other teams. Maybe it's just a rumor, but who knows. )
If Don Carlo can lead Real Madrid to win La Liga and the Champions League, then it will be a sweet farewell for him and Real Madrid. But I wouldn't have high expectations of what they will achieve this season, because it's not an easy task at all, especially since their competitors have also built their squads during this break.
I haven't heard anything about Nagelsmann and Real Madrid. And also I just heard this rumor for the first time, because previously many speculated about the possibility that Real Madrid would return to their former coach, and that has become their habit.