Nowhere near as star studded, but when I think of failures…
2002 Milwaukee Bucks.
In 2001 they lost in the ECF in 7 games to the Iverson-led Sixers. There is the belief by some that Stern wanted Philly and not the Bucks in the Finals and will point to the foul shot discrepancy between the 2 teams.
The Bucks had 3 relatively young All-Stars, in Ray Allen (25), Glenn Robison (28), and Sam Cassell (31), though Sam wouldn’t become an All-Star for a few years, he had All-Star talent.
A young stud Tim Thomas, shockingly re-signed with the Bucks, even though he was coming off the bench, instead of attempting to be a star somewhere else. Ray Allen even said of him, "If he wanted to, Tim Thomas could be the best player in the league." He re-signed, to come off the bench, in Milwaukee!
A 52 win team, 3 All-Stars, and many Bucks fan’s probably thought of Tim Thomas like we think of Sullinger, or thought of Big Al, or whoever.
Then they go out and sign Anthony Mason coming off an All-Star year. That’s like 4 All-Stars and a future All-Star, on a team that won 52 games and went to game 7 of the ECF, Going into March I believe they were 2nd in the East, 1st in their division, at 35-25, then go 6-16 the rest of the way. Missing the playoffs.
One game away from the Finals, brought everybody back and added an All-Star, yet missed the playoffs.
Not a big market, so nobody remembered, and not as big as the Lakers missing would be, but still quite the disappointment.
Also think of the '99 Rockets. Had Barkely and Olajuwon, had there not been a lockout, Drexler might have stuck around too. They go out and sign Scottie Pippen. 1st round playoff loss in 4 games. Again not as big of a disappointment as the Lakers would be, but still disappointing.