The Blazers are over the LT for several years. Even if Oden is injured again, it can't ruin them, as they're stuck where they are for now. So there's no such thing as a bad contract for them during this period, only expensive ones for Paul Allen.
I've been a huge proponent of taking a chance on Oden if Portland ever gave up on him. That said, 4 years and $40 is totally crazy.
They'll need to pay a lot of attention to the new CBA before making any decisions. $10m is pretty dear now, but will probably be even moreso after 7/1. It might not be a simple matter of extra luxury tax dollars out of Allen's pocket anymore.
Only if the CBA stays as it is...and all indications are it won't. If they really do go hard cap, there's a high likelihood teams like the Blazers, Lakers, etc are going to be put under the gun to cut salary. EDIT - What Juan said.
It may be that some of the most significant changes to the CBA will be phased in. This could be the key to getting a deal done instead of missing an entire season. Very doubtful a hard cap (like the NFL) ever happens in the NBA.
With Bradon Roy's situation and all the money they have tied up in him they are going to be the Rockets of the next 5 years. Potential title contenders but always with the caveat "if everyone is healthy".
I don't blame the Blazers. The passed up Durant to pick him. He has been injured for 3 of the 4 years they had him. Why risk him blossoming for someone else when they invested so much in him. If it was a guard then I would let him loose, but you don't find 7 foot centers often.
Well. He's young. The surgery is almost routine now. There's a lot more data to show what works for rehab and what doesn't. Before 09-10 injury, 11.1 points, 60% FG, 77% FT., 8.4 RBs, 2.4 blocks. in only 23 minutes. With decent centers so hard to come by, I can't say I blame them. He either come back, blocks some shots and grab some rebounds at the very least. He's not basketball illiterate like a Kwame Brown type. Or he gets hurt again, they get an injury exception, insurance covers the contract, and life goes on.