I’d like to mention another inyan in relation to what @2qwerty asked, something that is mentioned (more often “in-between the lines” to those who learn l’iyuna) in Chassidus but is not often “noticed” or mentioned by Chabadniks unfortunately – there is a concept in Torah known as a “moshiach prati” – a private mashiach. The concept of mashiach refers to a daas Torah who in one way or another “redeems” another Yid, or a number of Yidden, from their own personal Mitzrayim/galus. By following a certain derech of Torah (70 panim…) as is laid out by an authoritative figure, a Jew hopes to climb to new heights in his avoda by following that derech. Climbing heights in this avoda effectively serves as an exodus from his personal mitzrayim, whether each day, each month, year, etc. This is one of the deeper explanations behind the discussion in Sanhedrin in which each Tanna will say the name of Moshiach, where they will mention their own teacher’s name. It is obvious that asked who the moshiach is, a Torah-based individual would mention his own rebbe’s name, because THAT is whom he holds to be the ACTUAL individual who has taken/takes him out of galus! Indeed, beyond this personal relationship, the talmid would pray and hope that his own rebbe would take ALL of Israel out of Galus, as the mashiach klali, but the two are not mutually exclusive. This is also why they mention even names of figures who have already passed – since it is not relevant in terms of following their own teacher’s path as the derech to one’s personal geula, since their teachings carry on.
Now, Chabad chassidim still hold the Rebbe to be their own personal mashiach in that same regard – we still follow his teachings, we still hope to spread his teachings with the hope that their light and influence can aid the avodas Hashem of other Yidden (no, it’s not the only way, but obviously we will be proud of what we have). I’m NOT speaking about extreme cases right now, just about the essential inyan. I’m NOT going into the politics, the actual practices of many Chabadnikim (particularly on this forum…), and so forth, I’m only mentioned the inyan as it is at the source, and as it is celebrated by a very, very quiet portion of Chabad Chassidim and which I firmly hold to be the true and proper derech that Chabad is meant to be (the sources are on my side…).
With all the above in mind, do we hope the Rebbe–being the figure that he is to us until this day–will still be goel all of Israel? Obviously that’s not quite a possibility right now, and part of the issue is that many Chabadniks can’t differentiate between their connection to their Rebbe’s derech that he set for them, and the reality of an actual living Mashiach. When thinking of the concept of “mashiach”, the typical Chabadnik immediately relates to the only version of mashiach known to them – that of Mashiach prati/personal mashiach, and they conflate that with the final coming of mashiach. Yes, this is a problem, but maybe this will shed a new light on a very, very old discussion.