Alright, let's assume that we acknowledge we cannot move Jeffries and Curry prior to the trade deadline this year because of their contract size, trade kickers, and lack of ability. I think the team still has a positive ability to make a splash in both 2010 and 2011. We wouldn't be in a bad situation if we signed Sessions and Lee, but I think we can do better.

2009 Core Team
PG Sessions (5.8M)
SG Chandler (1.2M)
SF Gallo (3.1M)
PF Lee (7M)
C Hill (2.5M)
PG/SG Douglas (1M)
SF/PF Jeffries
C Curry

Salary doesn't really matter here (nor does Duhon's or Harrington's or Darko's playing time)

2010 Team
PG Sessions (6.2M)
SG Chandler (2.1M)
SF Gallo (3.3M)
PF Lee (7.7M)
C Hill (2.7M)
PG/SG Douglas (1.1M)
SF/PF Jeffries (6.8M)
C Curry (11.2M)
TOTAL SALARY: $41.1M. Add another $1m to assume we fill in the required roster spots with 2 second round/ minimum players at $400k each. Best case scenario would be if the cap goes up to at least $60M we would have room for one max FA without making any other moves. Anything less and we need to make a trade of one of our young players to make a move. Assume the cap is $60m and everything goes right and we sign one of the top players to a max contract @ 30% of the total cap at 18M. Hold on for 2011.

2011 Team
PG Sessions (6.7M)
SG Chandler (3.9M)
SF Gallo (4.1M)
PF Lee ($8.5M)
C Hill ($2.9M)
PG/SG Douglas ($1.2M)
SF/PF MAX FA signed in 2010 ($19.6M)
C
TOTAL SALARY: $46.9M. If the cap increases another 5% to $63M (a best case scenario, but plausible) we have $16.1M to sign more FAs, while keeping David Lee and our core players.

Moral of the story is that we can be in a good position in 2010 and 2011, end up with two max FAs and still keep Lee. But, Walsh really needs to see some indication that the cap will increase to $60M and $63M over the next two years to make it easy to sign Lee/Sessions and pull this off.

Personally, if I am Walsh, I would still try Lee to add more youth and not sign Sessions. If you get two max free agents in 2010, then the expiring contracts of Jeffries and Curry in 2011 could provide a lot of discount veteran stars looking to make a run at a championship, the same way Artest signed in LA, Rashweed signed in Boston.

So, you can be angry at Walsh for not signing players right now, but I think sticking to his 2010 plan is the way to go. You can call it putting all of your eggs in one basket, but it seems more like a conservative model to build a team through youth and free agency.