I think that this debate about trading for Paul is purely hypothetical.
First, we do not have the assets to do so until about 15th December, due to the three-month no-trade rule regarding former free agents in the Collective Bargaining Agreement. After 15th December, we could not make a blockbuster trade in mid-season without decimating the depth of our squad and remain contenders.
Second, I agree that Paul is the better player. He is a top five NBA player, or what Elrod Enchilada calls the best player on a championship team. Most championship teams consisted of at least one such player. In my opinion, Rajon Rondo would have to improve his long jump shot and free throw by next season if he were to ever move into the top five.
If Rondo could become a top five player by next season, we do not have to trade for Paul, as it would only annihilate our roster for minor improvements at point guard. However, even if Ainge decides to blow up the squad in mid-season as we are no longer contenders, I doubt that Paul would ever jump off the proverbial frying pan into the fire by joining another rebuilding team.
Sure it's hypothetical, but it's July, what should we do? The schedule doesn't even come out for another 2 weeks.
As for assets, our two biggest assets for NO is probably Rondo and BBD, both of which are available now. Our next biggest asset is 'Sheed's contract, available now. Then of course, there are draft picks, which are also available. So hypothetically speaking, we can make a deal.
For us, doing a trade now would leave us thin up front with Perk out for the first half. We can't wait til the deadline because then we won't have 'Sheed's contract available.
Trading Rondo for Paul isn't attempting to "blow things up" because we will easily make the playoffs as the East is top-heavy, and this past season proved that we can make a run, so we definitely won't become a rebuilding team.
Most likely the Hornets just move Collison and an expiring contract (Songalia ~$5M) for an all-star, then look to move Peja's ~$15M expiring contract near the deadline if there are any takers. That's if they are willing to spend. If they aren't, they need to move him (or sell the team). Rondo offers not too much of a drop-off in talent, but a substantial savings both now and in the future.