Okay, I'll play devil's advocate and try to take a more optimistic viewpoint, to show that a lot of this is just about how you spin it. (Note: I don't 100% believe some of these, and are just presented as argument...just as I hope some people don't 100% believe the Spurs are doomed for next year.)
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Spurs FO was very aggressive this offseason. They aimed high and went after players with recognizable names who filled specific needs for the team. These players included Corey Maggette, Eduardo Najera, Tiago Splitter, and Jannero Pargo.
Pargo and Splitter were lost because of evolving global economics, something that obviously isn't the fault of Peter Holt.
Maggette was offered the max that the Spurs had available; they had a good chance at him until he was overpaid; again, not the Spurs fault.
Najera received a contract that would have upset the 2010 plan, and could have become as big a deal to fans as Bonner's contract. He also liked the prospect of playing in the easier East.
Spurs hear the cry of fans that they need to get younger, so they replace Brent Barry with Roger Mason Jr. Mason is a promising guard who has always had a great knack for defense, and has found a reliable offensive game now too. Paid him slightly more than market value, but had to to get him to accept a 2-year contract which keeps the 2010 plan intact. Meanwhile, Barry is an aging veteran who had a major injury last year, which it took him a longer than expected time to recover from.
Instead of using everyone else's scouting reports, Spurs are proactive in trying to find the next diamond-in-the-rough in the draft. It's possible they've found one in George Hill, a guard who in summer league play has already shown tremendous defense and flashes of being very capable of running the point in the Spurs system. They also find an energetic 3/4 very late in the draft, who could end up being the real steal of the draft. As far as the NBA goes, he's not seasoned enough to play the 3 or big enough to play the 4, so they send him off to Italy to develop, hopefully to return when he's ready. As for Hairston, they already received another 2nd round pick and cash for their 2008 second rounder, so anything they get from him will be pure bonus.
Spurs also solidified their front-court by convincing Kurt Thomas, an unrestricted free agent, to stay with the team he's only been with for half a year. Thomas is a very capable veteran who will bring a lot to the fold in his first full year here. Spurs also resign Michael Finley, who will be a great locker room guy, especially for all the young guys on the team.
Finally, with Duncan, Oberto, Thomas, and small-ball Udoka eating up a lot of the important big man minutes, the Spurs will have the luxury of seeing what young big men Mahinmi, Bonner, and possibly Tolliver can do. If any of these guys can prove to be solid contributors, the Spurs will be more than set in the front-court.
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And why are these not equally valid points of view? Sure, some of them are seen from very rose colored glasses, but a lot of the takes around here are seen through the glasses of Chicken Little, so there's really not much of a difference.

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