It's weird to say this about such a good team, but how about Orlando?
If they aren't good enough to win a title as constructed (which I don't think they are), they have incredibly little flexibility. Arenas is probably the worst contract in the league, Turk (and to a lesser extent Duhon and Q-Rich) has negative trade value, and Nelson, Bass, Redick and Anderson would be very unlikely to bring back better players than themselves. Orton and Clark have about as much value as Avery Bradley and Gerald Green at this point.
I think you're overestimating what is undeniably a worst case scenario.
Orlando is in many ways in exactly the same situation Cleveland was walking into the 08-09 season.
They're only a season and a half removed from a finals appearance where they were exposed as a team with an MVP caliber player, but with a flawed cast of mediocre to bad players around him. The players though combined with the MVP caliber talent form a team capable of playing a style (bombs away from deep with an underrated and improving post presence) that makes them a contender.
But since their finals appearance, the other teams in the East (for Cleveland it was Orlando and Boston), namely Boston, Miami, and Chicago, have all dramatically improved since their finals run in 08-09.
I agree with you that as constructed they're not championship material. When they're hitting from deep they're maybe in a class of the best 5 teams in the league, but when they're not hitting their defense aside from Howard is a sieve, and they can't create points with enough consistency to stay ahead or keep a lead.
But Redick, Richardson, Nelson, Bass, and Andersen are all guys that could be traded for talent (although how much talent remains to be seen), and while Turk and Arenas are all going to be paid way too much money through 2014, they're going to be okay after that.
Orlando unlike some of the other teams discussed here has shown in the last 10 years the ability to attract top tier free agents, and that willingness to pay out when needed. Florida is an attractive place to go for a player because of the income tax laws and because of the weather, and lots of players even after they leave Orlando maintain homes there, so obviously they enjoy the area. Orlanod might be up a bit of a creek if they don't win now with regards to Howard, but long term they'll be okay.