Hornets are one of the most mismanaged franchises in the league. I take everything that happens on that team with a grain of salt.
I'm not sure how to judge the management in Charlotte. They spent 5 years bottoming out, getting multiple high lottery picks. None of those picks turned into stars. Was that bad luck, bad drafting, or bad player development?
Signing Big Al and trying to become a playoff caliber team with the young pieces they had made some sense. You can only draft in the lottery so long before you have to try and see if the young pieces you have can actually win games.
Gambling on Stephenson was risky, but was it a terrible move? It's not like they signed him to a really long contract. If Stephenson had continued playing like he did in Indiana, Charlotte might have made it to the second round this year, given how weak the East was. Was Stephenson's failure bad luck or bad coaching? Or did management disregard clear warning signs that Lance would be a bad investment?