Eh, that's really not what they're doing here. It may be the end result of what they're doing, but it's certainly not their intention. No team that brings in aging veterans is actively trying to tank. Collectively, your over-30 guys will win you games by virtue of their experience alone, regardless of how faded their talent may be. The Kings are not likely to be good this season, but they will win enough to avoid truly bottoming out. All we can do is thank the league office for flattening the lottery odds so that this franchise has a shot at a top pick in spite of itself.
A true "tank" prioritizes youth, because no matter how skilled that youth may be, veteran teams make the playoffs. Young teams mostly end up in the lottery until they're veteran enough to understand what it takes to win.
That said, the trade deadline this season will tell us much about this front office's long-term intentions. Will they move off one or more of their extraneous veterans? And what will they seek in return? More middling vets, or some combination of youth/draft compensation?