First, I don't think NO would want him at around $4 mil a year, I think they'd be hoping for about $3, which gives us a scenario where, doesn't it just make more sense to sign him at that money ourselves? So the rest of this will be based on the premise that our management doesn't want to keep Davis for that money and/or Davis doesn't want to stay here and wants to go back to Louisiana.
I'm a huge fan of Wright, but I don't think he's better than Posey at this point by a long shot. He doesn't have the shot right now, though I think he's got good athleticism and defensive ability to guard big 3s. But I agree Wright and Armstrong would be a more appealling package to us at this point, since it's obvious, particularly after the reduction in this year's cap and projected bigger reduction next season, that we're not taking Posey's contract back now.
(Note: I would say the same about Nocioni - I support the idea of trading for either Posey or Nocioni, but it's just not happening; we already turned down Posey's contract in a better economic landscape and Nocioni actually makes more over the same period.)
If it could work, I'd love to see Armstrong, Wright and the rights to Darren Collison for Davis and Pruitt. I'm just not sure how it could work, and what Davis' contract would have to be to make it work. New Orleans is looking to cut costs by all accounts and BYC rules make it difficult for NO to cut costs at all in a move like this.
Our bench would become Collison, House, TA, Giddens, Wright, Walker, Scalabrine, Sheed and Armstrong, with one spot remaining for a guy like Hudson (or, ideally to me, Powe as a 6th big while rehabbing). Collison and House share backup point duties. House gets most backup 2 minutes, with some for TA or Giddens or Walker. Wright gets most of the backup 3 minutes, Sheed gets most of the backup minutes at the 4 and 5 with Scal and Armstrong available as further backup at those spots. I'm a little hesitant about relying so much on unproven, unreliable or small wings, but I think it's a versatile lineup. I'd prefer at this point to keep Davis and get a big wing in free agency, but if Davis wanted to go, I think this would be a solid return package.
My dream scenario would be for Giddens and Walker to show they can pick up any spare minutes at the 2 alongside House or Collison, allowing us to trade Tony Allen and most or all of his salary to a team with cap space so we could save $2.5 mil in luxury tax money and the roster spot for Powe (if we got Leon on a minimum deal, we'd still save about a half mil overall with the TA dump). If we could find a willing team, I'd also love to trade Scalabrine and $3 million to a team under the cap that would buy him out for around $2.5 mil, followed by us giving Scal a veteran's minimum contract, saving us another $1.8 or so million. Of course, Scal would have to agree to give up his Bird rights but he'd make the same amount of money plus a $100K or so bonus.