I think building by trade is what will happen. If it's not for a player this year it will be a deal in which we send a pick and a trade exception to a team using our cap space. I think Josh Smith is a very realistic option if we go that route.
If we end up playing awfully I think we'll make runs at guys like Jefferson and Smith during the year. I don't see us taking on Joe Johnson's enourmous contract though, I think it's more realistic that we would take Marvin Williams mediocre contract off their hands.
I agree with this line of thought...it's much more likely that DA will use CAP SPACE to trade for existing contracts rather than unload Ray Ray or KG. This is like the strategy that OKC used so effectively for years since salaries won't have to match.
Think of teams that may want to unload contracts or disgruntled players or guys who don't match their philosophy:
GSW: Monta Ellis or Biedrins (if they knock heads with Mark Jackson)
UTAH: Old friend Al Jefferson
MEMPHIS: Rudy Gay (good player on a good team, but in small market with owner known to try to save $$$)
ATL: Josh Smith