The Noel contract matters little, because if we take care of business he's going to resign- and we aren't going to run out of cap space by paying him ~$24M next summer when the cap is over $100M. We have IT, Bradley, Smart, Crowder, Mickey, Rozier all making about that much combined. He's a MA native, and he'll be the starting center on a very good team in the East, and we can pay him the most.
In a vacuum it can be argued any which way, but the master plan matters. Trade #3+filler for Noel, and then get Durant's wink-wink to send Sacramento the motherlode of draft picks for Cousins. It's a lot of IFs, but that's a contender with a long window.
#16, #23, BKN17, BKN18, MEM19, Amir, KO, Rozier
for Cousins
That's FIVE 1st rounders, 3 with high lottery potential, plus 2 young players.
Roster
---------------------
Durant- $26M
Cousins- $15.8M
Bradley- $8.3M
Thomas- $6.6M
Crowder- $6.5M
Jerebko- $5.0M
Noel- $4.4M
Smart- $3.6M
Young- $1.8M
Mickey- $1.2M
Hunter- $1.1M
----------------------
$80.5M
Starters: IT/ Bradley/ Durant/ Cousins/ Noel
Bench: Smart/ Hunter/ Crowder/ Jerebko/ Mickey
Waiver Wire: Young
That's a contender with:
League's best top 3 scorers (IT/ Durant/ Cousins)
3 All-NBA level defenders (Smart/ Bradley/ Noel)
2 more very good defenders (Cousins/ Crowder)
Two starter level 3-and-D types (Bradley/ Crowder)
Two utility men (Jerebko/ Mickey)
$10M to spend
A guy can dream, right?