Italy was in finals in 2012, what mediocrity you are talking about?
They need to introduce new generation though. It would be easy in defence – don't change back 3, build it around Bonbon, just replace when time comes Chiello and Barza with Romagnoli and Rugani. Fullbacks are young and capable – des, florenzi, darmian.
You have Veratti and Marchisio as your core, Baselli could be back up if he keeps progressing. And Berardi, Insigne, Bernardeschi, reinvented Ses, fucking Zaza for attack.
They lack in cf department, but other than that this squad could be very good.
I say Ventura has quite a squad in his hands.