Absolutely not.
Portland has a great core going forward of Roy, Matthews, Aldridge, and Batum. Camby will be with the team next year, as will Oden.
Is Rudy Fernandez capable of backing up both Roy and Matthews in the backcourt? If not, Portland can exercise its option on Andre Miller.
If Rudy is, or if Portland wants to go in another direction with its roster, they still have the sizable expiring contracts of Miller and Przybilla, both still quite effective players at their positions, to combine with young prospects and/or picks if needed to add another piece to the core at this year's trade deadline.
The problem with Portland isn't so much its present roster as it is the ownership. Paul Allen may be richer than God, but he's already forced out a great basketball mind in Kevin Pritchard and replaced him with a yes-man in Rick Cho. Allen needs to step back and simply sign the checks, not call the shots.