I've been thinking about this for a while, and although it's unrealistic that they would ever trade Chris Paul, it is something to think about. I understand the love everyone has for Posey (winning the title, great defense, clutch 3's, etc), but right now, with that contract, he is definitely a negative asset. I'd also say that Peja and Morris Peterson are in the same catagory. Chandler is probably worth his contract right now, so I'd say he is fairly easy to move.
So, what it comes down to is New Orleans has to slash salary and they can do it by (1)having Chris Paul, West, and a bunch of overpaid roleplayers(miss playoffs/addt'l money stream) or (2) Trade Paul and all negative value players and still be competitive.
The trade machine isn't updated yet, but I believe the following trade works:
New Orleans Receives: Rajon Rondo, Ray Allen, Tony Allen, Eddie House, Gabe Pruitt and 2 first rounders
Boston Receives: Paul, Posey, and Peterson
This would allow NO to get two bad contracts off the books, pickup Rondo who gives them 80% of Paul's production, and would allow them to be competitive next year and in the future.
Boston would have the foundation of their future in Paul as well as a fan favorite back. They could then use the MLE to bring in one of the bigger names that wants to re-enter the market next year (Odom, Marion, Iverson, Artest, Wallace) or just sign a solid player long term like Anthony Parker. Then round out the roster (Barnes, McDyess, Joe Smith, Grant Hill, Quinton Ross, etc). This would basically keep us around $80M in salary also.
Paul/Marbury/Giddons
Parker?/Ross?/Peterson
Pierce/Posey/Walker
Garnett/Powe/Scal
Perkins/McDyess?
New Orleans would run out Rondo/Allen/Peja/West/Chandler, which is still a contender. They could dump Chandler easily by sending to Cleveland for Wallace. That'd leave Peja as the only overpaid guy. After the season, they'd extend Rondo and either re-sign Allen to a more cap friendly deal or get someone on the MLE. Financial problems solved.