Modric left, Vazquez also left and all that remains of the era of 3 consecutive seasons winning the Champions League is now Carvajal. It's a sad farewell for me, a Madrid fan, but at the end of the day, things must go on and resolutions and rejuvenations must be made.
Two legends have left this season but we have already sucked in creating new legends again especially with the quality of age that is currently still quite young, so Madrid's future progress is still quite good for now even though this season is still in a transitional phase.

Vazquez's position has also now been fully filled by TAA so his departure from Madrid may not have a big gap especially since we know what TAA's capacity is like, the problem now is who will be used as a benchmark for the midfield after Modric followed Kroos leaving. Although it is undeniable that for the figure of the captain, we may still have Carvajal and Valverde who can be used as vice-captains, but the role of filling the midfield position, especially in building up attacks, is currently diminishing with Modric's absence there.
I hope Xabi can anticipate this later.