Yea, pretty much. The old king died recently, but his heir is... unactive in administering to his lords. So, you've got a nation filled with practically autonomous lords and a lot of external threats. What happens from then on depends on the actions of the individual lords. Will there be a new Overlord? Maybe the current Overlord stops being so moopy and actually does something? Or, will one ambitious lord trigger a civil war? The choices are almost unlimited.