And what's so hard to understand about the word: project?
Nothing. But Fab Melo is less than a project. He's a concept.
That's funny.

Here's the problem with projects in the NBA: The NBA allows the smallest number of roster spots of any of the four major professional sports, so giving up one of those spots for such a long longshot can be viewed as wasteful, and in fact sometimes
is wasteful.
The basic theory of NBA roster structuring is to be three-deep at each of the five positions; of course, teams don't have to stick to this, but as a general rule it makes sense. So if, as in this case, a project such as Melo is taking one of the three center spots, you're left with only two legit centers (and by "legit" I mean NBA-ready, even if they project to be only role players, such as Colton Iverson). Sure, you could try guys like Bass and Sully at center, but that's probably not gonna work out very well.
I realize that smallball is
en vogue these days, as is the concept of ignoring traditional basketball positions (PG, SG, SF, PF, C) in favor of "combo" guys, but there's a reason why SGs aren't PGs, and why PFs aren't Cs; SGs are often bad ballhandlers and distributors, and PFs are often too short to effectively rebound and defend from the C spot, and I think these facts and their consequences have been clearly demonstrated by Boston teams of the past few seasons—no true ballhandler/distributor behind Rondo to keep the offense going when he's out, and no consistent rim protection and rebounding at C other than KG.
Pressey, Iverson, and Faverani could be just what this young team needs, as opposed to Melo, because even on a young, rebuilding team, you don't really want to waste time on someone who pretty clearly hasn't got a solid skill set.