I said option #1 - rebuild without Big 3.
I think we all have to accept the possibility that KG and Ray will not take dramatic hometown discounts. I certainly don't think Ray will given that Danny almost traded him. If there is nowhere else to put the cap space money then by all means bring Ray back at $8-10M next year, for one year. But I doubt that will be the case. I see some other contender giving Ray at least 2 years.
I posted this earlier but I am going to slightly revise my position and say we can "Rebuild through Adjusting."
If I am Danny I spend the next month engaging Atlanta on how serious they are about committing long term to Josh Smith. If I can get any sense that ATL will trade him for the right package, I work them hard. I cannot imagine ATL trading Smith within conference, but if we offered both 2012 1st rounders, another future 1st rounder, and Jeff Green via sign-and-trade, would that get it done?
We then lock Smith up until at least 2015 (unless he wants max money, then I wouldn't do this trade.) That gives us a nucleus of Rondo-Bradley-JSmith for the next three seasons, otherwise known as The Best Defensive 1-2-3 punch in the NBA.
We still have Pierce under contract until 2014.
We let Ray walk, and use his money to extend Smith.
I then sell a Rondo-Bradley-Pierce-JSmith 2-year run coached by Doc to KG. He will be hurt that Ray is gone, but having Smith on the roster takes a tremendous amount of pressure off him. Maybe KG signs up for 1 year with an option for #2. If KG re-ups we have the best defensive team in the NBA, and no one else is even close. This gives us a shot at the Finals for at least 1 more year if not 2.
After 2014 Pierce and KG come off the books completely, and we are back to being loaded with cap space again. At this point Rondo and Smith are in the last years of their deals (2015) but still are in their basketball primes. We have the flexibility of trading two All Star expiring contracts for young talents and picks if need be, and completely overhaul the roster.
We build a young nucleus for the 2016/2017 season, and save enough cap space to throw the motherload at Kevin Durant, who will turn 28 at the beginning of that year.