Those are essentially the Celtics three options this summer. What would you do?
ALL IN
Essentially the team would make moves that would improve the team short term, but hurt it long term. The most obvious ideas being floated around would be moving Rondo, LAC #1, and other pieces for Chris Paul regardless of whether or not you convince him to sign an extension. Other trades I've seen would be Rondo for Nash/Gortat (with other pieces involved). Trades of that ilk, which essentially have the potential to only help next year (1 year players, older veterans, etc.). It might also mean the Celtics take some risks on injured players or utilize more then just 1 year free agent contracts to really just go for it i.e. hurt the 2012 free agency picture, but help the team in 2011.
BLOW IT UP
This is fairly straight forward in which the team pretty much puts everyone on the block and looks to rebuild. This is where KG and Allen's massive expiring contracts could be put to good use. Potential targets would be OJ Mayo, Rudy Gay, Josh Smith, Brandon Roy, Greg Oden, Deandre Jordan, etc. It puts the team into rebuilding mode faster with the eye towards the future.
MINOR MOVES ONLY
The Celtics take one more crack at it and only add 1 year players in free agency before looking to the summer of 2012 and the stellar free agent market. It would take an incredibly amount of luck for the Celtics to be anything other then what they were this year under this method, but it would put them as viable players in 2012 free agency and still give the core of the team one more shot at glory.