I don't know if you watch Real Madrid games often, but they have been bringing him in for a few minutes in most matches. To me, it looks they have already prepared for his exit. They do have many leaders and potential leaders on pitch.
Even Valverde isn't as bad as you think (chaos wise)
I think Real Madrid will be fine in the midfield department with time. No need for alarm. By the way, did you know that Modric was considered a flop at one time after his move from Spurs?
Every player have different qualities and I agree with this because there are no bad players but they do not show their best qualities in certain conditions because of some conditions.
Valverde did lose out to some other players so he did not get a place in the main squad but Ancelloti always had the ability to play him and now it is proven that he is getting better.
Modric did not fail as a player for his individual career while at Spurs, it's just that he failed to bring Tottenham to achieve much better results because they were unable to present the championship title but that was not his fault.