In reading your narrative, I'm struck by two thoughts:
1. You are writing about the "effects of complacency", but I think you are really describing the "effects of incompetence" in your boss. (I only have your assessment to go on, though. For all I know, he may be avoiding some new fads instead of "industry best practices". Maybe you could give some examples?)
2. You claim that you are getting complacent, but you aren't writing as if you are complacent. You sound like you are interested in the situation. Therefore, I think it's in your grasp to do something about this, if you want.
Here's the thing: You seem to already have awareness of the issues, and to care about them. The question is, what are you prepared to do about it? Are you prepared to help fix things? Then you probably could step up and take more control, and maybe do a better job than your manager. Your situation is not just a problem, it is an opportunity. You need to slowly-but-surely improve things.
You may need to be slightly subversive. Make some small process improvements as a team, independently, with little cost but with clear benefit. You guys figure it out. You lead it, if you can. When things start getting better, you tell the company how and why. Profit.
If you don't step up, then you are probably complacent. But I think it's largely up to you.
Good luck.