Good call, ManUp. If Giddens isn't ready to step in and contribute right now, then I see no reason to exercise the team options for coming years. I don't think his potential is great at all. I don't think it's near what TA's potential was after one season, since TA actually gave good minutes his first year and showed tremendous athleticism and solid defensive ability in the NBA. Giddens has shown absolutely nothing yet where it matters. I am intrigued by his shot, though. As has been said, if he can show a reliable jumper (about 45% on long 2s and 40% on 3s) and a commitment to defense (which is where TA has always been lacking despite his superior ability in that arena), I'd be happy if he earned minutes.
Now, I really would like to see us get a 3/4 hybrid who can take 12-15 minutes a night at the 3 and 4-6 at the 4 in smallball lineups. Of course, that might not be realistic if the options aren't there. But I'd rather spend money on that than Davis, particularly if we can get a backup center as well. I'd be fine with Giddens and Walker earning minutes, but I haven't seen anything indicating they earned minutes yet. That's why I'd rather, as others have said, have veterans in place to start the season, and if they get outplayed by Giddens and Walker, hopefully it's because Giddens and Walker earned it (not because the veterans turned out to suck).