This isn't an impossible fix and we could do it on the cheap. Our best options:
(1) First off, the more I think about it, if it's allowed under new CBA rules (can we S&T our own FAs or not? I've read conflicting stuff on this - a definitive answer would be appreciated), I really like the idea of trading JR Smith (re-upped at a little over $5M a season or whatever we can offer) to PHX for Michael Beasley. We'd get a 6'10" 240 lb. SF/PF that can score the ball as well as getting a player a good 4 years younger. Talent level is about the same (I'd argue Beasley's the better talent and more efficient) - I'd argue Beasley's the better player -- Beasley went for 19.2 ppg on 45% from the floor only a couple of years ago in Minnesota (37% on 3s) which easily beats out what Smith did this year. Why this works -- the salaries would be similar. We're not getting this guy for Novak and cash -- come on now...Gotta give to get...Tell ya what maybe JR's value isn't as bad as I think it is right now (he was the 6th Man of the Year and he does play defense -- he also did beat PHX with that game winner on their floor this year)...If I'm PHX, I wouldn't do this deal but if I'm Grunwald I definitely explore it and try to push for it. See where it leads. JR Smith's 100% replaceable.
(2) We could sign 7' C Marcus Cousin to a cheap contract. This dude has a complete package of skills for a 7'. Can't say enough about his game -- hits the glass hard (and completely opposite to Tyson Chandler's 'let me swat the ball out and let someone else deal with it because I'm lazy and not skilled enough to do anything with it' routine; this guy goes and gets the damn ball and looks to power it back up), runs the floor, bodies up & plays physical yet has a real effective finesse game on the offensive end (FANTASTIC jumpshooting big man--one of the best I've ever seen, very good post game -- will battle for position then execute smooth turnaround jumpers on the baseline, hooks in close with either hand, etc. all with such ease and grace). I love this dude's game and know for a fact that if we brought him in here for a look everyone from the coaching staff to the fans would fall in love with his game instantly. I'd play it cool of course but if I were Grunwald, one of my #1 priorities this off-season would be to get this kid in for Summer League. Right now with virtually zero NBA experience save for some preseason time spent with Utah and Houston and maybe a handful of NBA games with Utah, I can say with 100% confidence that this kid is a better player than Tyson Chandler...Ain't even close. Huge upgrade at C for us the minute he walks through the door. No question about it. GO GET HIM!
(3) Sign Jordan Williams to a contract. There's great value here. Good size at 6'10" 260, known for his rebounding but he can also score around the basket.
(4) Sign JaJuan Johnson to a contract. I know some don't care for him but to me, again, there's great value here for what he'd cost. 6'10 size and excellent length, he'd give us a very good offensive frontcourt player along with some rebounding and rim protection.
(5) Sign 6'10" Craig Brackins to a contract. A real nice cheap option to add legit offensive firepower to our frontcourt. Dude can score from anywhere on the court -- post ups, put it on the floor, 3s. A great option to add offense up front for the peanuts he'd cost. Think about how good Chris Copeland was this year from an offensive standpoint. No question about it, Cope was great -- great shooter from deep and I liked his ability to put it on the floor...As good an offensive player as Cope is, I can say with no hesitation at all that this kid Brackins is A LOT better. Much better rebounder and a better defender too.
(6) Secure a 2nd round pick an draft 6'10" 240 Brandon Davies. Very talented offensive player. Great value in the 2nd round if we could get him.
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This would be my blueprint: secure at least 2 of these bigs (preferably 3 or 4), replace JR Smith with 1 or 2 players combined (so many options here -- draft Glen Rice Jr. and sign Jermaine Taylor for example) - sign & trade him for something at a comparable salary or just let him walk, then come up with a speedy/break you down off the dribble PG on the cheap somewhere that can operate up tempo to pair with Felton (Curtis Jerrells maybe? Michael Loyd Jr.? Josh Selby? Pierre Jackson in the 2nd round?).
We'd get younger by a mile with moves like this and also get a bunch of young hungry talent at unbelievable value. Retool it like this then gimmie a crack at Indy again in another 7 game series next year.