Depends on what rookie. I could see they going for Taylor Hendricks or Dereck Lively, I think they'd help. But there's a good chance they package the pick for some veteran help, if they re-sign Kyrie they should add front court help and defense, they can't trade '24-'26 & '28-'29, but they can trade '27 and swap rights on '26 & '28. So they could wait until draft night, arrange the pick with some third party, then trade:
draft rights to the pick (likely 10) + unrestricted '27 + unrestricted '26, '28, '30 swaps. That's more than enough if they play their cards right. IMO they should go for a Lakers kind of return for the pick they sent to Utah ('27 top 4 protected): Jarred Vanderbilt, Malik Beasley, D'Angelo Russell (I'd prefer Conley, but whatever).
A smart and timely use of their assets could replenish their depth and put them in the playoffs long term, though not enough for contention IMO.