I have a feeling that if Blair or Hansbrough are on the board when #21 comes around, the C's will end up buying it.
If the C's go after a vet big man with the MLE, they would then basically be looking for someone to be their 4th big man until Powe comes back. So if the choice comes down to paying Davis to stay with 6th man money to be a 10th man, or paying $3 million (to buy the pick) plus the salary of a late first rounder for Blair to be your 6th man, Blair just makes a ton more sense.
I don't think Blair is going to be as good as Davis, but I think he could more than do the job, and at a much cheaper rate.
Now, if they are looking for someone to be the first big off the bench, they would need to pay Davis, but since I think they will be targetting other veterans for that role, there is no need to overpay a depth player.