I don't like to quote because it takes up too much space, I will simply try and continue the back and forth.
While this thread may not be about Bosh's future, it is tied in considerably. If he stays this team is one player away from contending. I believe Emeka or any defensive minded center could be that guy and I would support adding pay roll regardless of the cap ramifications.
The most important function for improving this team is flexibility. In the coming year, several teams, many of which you named will be desperately looking to shed pay roll for financial relief. I think the Washington mold is one that can be used as a model for future considerations.
NO is going to unload Paul, it makes too much sense not to. I'm not sure if we have enough to attain him or even then retain him, but that should be a pipe dream he should look into. Philly had to shed soon and no one wants Dalembert or Brand. Taking Young, Lou Williams or Iggy would help. GS has to make a move, they are over loaded at PG and PF. Memphis if they do no keep Gay is always looking to be aggressive, Turk could be a good fit there and they might even want Jose. Minny and NJ are rebuilding and are likely about to have a PG problem. Colangelo keeps looking at this league as it was ten years ago when most deals were fair and both side benefited. The new NBA is one where one team wins a trade and the other wins cap flexibility.
The goal should not be to acquiesce these teams by taking on thier bad contracts, it should be to hijack these teams for providing a necessary service. By continuing to pay above market value to retain or attain players, he reduces the teams flexibility to answer the bell at the next fire sale.
Colangelo has been willing to do two things in his reign here, overpay for players and make big deals. So far none of the big signings or moves he has made has panned out. I feel he has been looking in the wrong direction and acting too quickly. Instead of trading talent for talent, he should use this fractured economy and expiring contracts to bide his time until the perfect opportunity arises, not just a potential one.