I think it just means the Google division will no longer contain the parts that have been spun off. There may be others but from the announcement that looks like: Life Sciences, Calico, Ventures and Capital, and X lab. Later on in the announcement they call Google "slightly slimmed down" which seems like a bit of an understatement.

Presumably they hope that something outside of the new google division will blow up and make the divisions a bit less lopsided.