Most likely, the tree is dead from where the rubbing starts at the bottom, all the way to the top. The leaves are sprouting from where there is still living tissue, below the rubbing.

You could cut the dead part of the main trunk, just above the new sprout and let the new sprout to grow up into the new tree. The wound will heal over but it will take a few years or so to heal over and look good again. It is a feasible way to do this. Trees with established root will grow amazingly fast to replace what was cut off.

As long as the sprout are coming out above the graft, the new sprout will produce the same tree as you bought. Sprouts coming below the graft should be pinched off as they will produce only the same as the root stock, possibly native willow.

The choice is yours.

Buying a new tree is the other option and would start you off with a healthy tree right off the bat but it will take a year of two for a new one to establish itself to the same degree as the old tree.

I agree that the top portion is dead. There are no signs of any viable buds and the stem color that should be a reddish maroon is mostly gray. Dappled willows are shrubs. When sold as a tree they have been grafted to a different willow root stock. The graft will be right below the twiggy canopy, so nothing below that point is desirable.

I'd second Bill's suggestion to purchase a new tree. And be sure to deer proof it :-))

Ah, a high graft. Thanks GG, I did think of that but didn't know enough about this type of tree to be certain.

That would mean those sprouts will simply be the root stock and not worth anything.

A tree tube on the new tree during the Fall and Winter would've prevented that old buck from polishing his antlers. During the rut, they'll mark their territory that same way. ;-)