Wally and Snow would have got it done. I almost suspect that Phoenix would have done it just to shed Shaq's 20M salary off of the 09/10 squad. Pretty big savings for their frugal ownership. And if they had to throw in Hickson to get it done, big deal.
I'd be mighty annoyed at management if I were a Cavs fan. And even if not for Shaq, they had over 20M in expirings that could have landed them something special.
You don't get that many chances to grab the brass ring. When you're that close, you have to go for it (a peeve of mine about Danny's last offseason, too).
I imagine they felt - and quite foolishly, it's become apparent now - that the team was already championship caliber and that the chemistry was superb and they didn't want to or need to disrupt that chemistry to make the team better. They probably felt they already had a team that could win a championship. They were having a hell of a season, to be sure.
The Cavs just don't have what it takes with their current squad to get a trophy. They are a flawed team and rely too heavily on LeBron (even though you can sure depend on him a lot). They don't have a particularly great coach (coach of the year my rear end) and they don't have a true consistent scoring threat worthy of a lot of attention besides LeBron.
They need to bring in at least one other semi-big name to distract from LeBron. Even Kobe has Pau and Odom to take the burden sometimes. LeBron has...who exactly? Nobody else on the Cavs can take over a game. Most of the players on the Cavs only look as good as they do because they are playing with LeBron, who makes everybody on his team play better.
What the Cavs need to do this offseason is unload some of their expirings and try to make a run at a solid FA - Carlos Boozer is the one that comes immediately to mind - or else make some trades. If they had somebody like Boozer as a threat inside they would be a much more flexible and dynamic team. As they are now, they aren't gonna get farther than the ECF.