Wow, Odom is being wildly overrated in this thread.
Odom finally pulled it together (sort of) after a full career of not living up to his ability. Why would anybody trust him with any sort of big money offer? He's ridiculously unreliable and inconsistent, he's soft as grapes, and he doesn't work hard or care. We want Portland to go after him because it weakens the Lakers - but does it strengthen the Blazers as much as a tough, young, hard-working power forward would? No, it doesn't. Millsap is a very good player. And he works. Odom is a more talented player, who doesn't work and is older.
Portland doesn't (at least in their mind) have a 2 year championship window they're trying to hit - they're looking at having the best possible 5 to 10 year window. Odom doesn't help that. This is probably the last semi-big free agent they can add for the next half decade, since they'll have to give out long term deals to Roy and Aldridge next summer and possibly Oden after that. For a team whose recent history includes mail-in jobs and criminal behavior by the likes of Zach Randolph, Darius Miles, Ruben Patterson and yes, Rasheed Wallace (not criminal behavior, but mail-in jobs for sure), they're not going to give that contract to a jerkoff like Odom. They want to wrap somebody up long term - you're not gonna give long term money to Odom. And if you guys would, you'd have buyer's remorse within three months.
Portland hasn't had a good offseason, but placing Turkoglu and Millsap above Odom is far from a bad decision.