I think it's a coup. Rishi is PM in name only, any key decisions will be taken by others- not necessarily a bad thing.
I suspect there will be some subtle changes of direction in key areas in a desperate attempt to stop letters of no confidence and hold the party together. I don't expect this government will achieve anything, they are just trying to save face and avoid another leadership battle before the election.
They are dead as a serious party, they just haven't realised it yet.