Sucks for EF to lose Higuita and I don't consider Chaves to be a rider of the same potential at this point of his career. It's just all falling apart for EF since summer 2020, although the article does mention "The American squad are also expected to announce a number of other signings in the coming weeks" so I hope there is some good talent coming in because there's not that much potential in the team left.
To say EF is falling apart is too harsh. Losing Martinez and Woods was a blow, Higuita is as well. Sep had been on the vane for several years.
They still have a strong core of Carthy, Bettiol, Uran, great up and coming talent in Bissegger, Carr and Rutsch plus good stage snipers/support cast with Guerreiro, Cort, Caicedo, Craddock et al. They will need to replenish with young GC/climbing talent soon though.
I’d say EF are stagnating. BikeExchange are in a more rapid decline.