No point in doing anything this season, but I think offering Oden a contract this offseason would be a great idea. The team will have a ton of cap space, nobody to spend it on, and will likely be in serious rebuilding mode. Oden is the perfect project for a team without a lot of good options.
Try to get him with a 2 year semi-guaranteed contract, with a team option for the 3rd. Something real simple like $1 to $1.5m per year.
So 1st year you know you're not going to get anything from him, maybe a few brief appearances at the end of a lottery bound season if you're lucky.
2nd year you still don't really expect much from him, but hope to at least get him on the court for half a season maybe.
3rd year, if he showed anything at all in the previous 2 years, you have him for an absolute bargain (and hopefully then the C's would be a young team on the rise). And if he did show anything, you have his Bird rights too.
It's like investing in a penny stock. Sure you probably won't recoup your investment, but then there's that 1 in 10 chance your risky investment pays offs many times over.