As long as he'd bring some talent, who cares? You'd bottom out and acquire a scorer in the draft or use the cap space to get one in free-agency or trade for one using spare pieces.
If you keep trying to keep contending with this core you'll never be more than a 6-8 seed and in 2012 Paul balks. Then what? You start a long rebuilding process after losing 2 years to achieve nothing in hopes that you get lucky enough in the lottery to draft a new Chris Paul. If you believe that Collison is even close to Paul in terms of talent you're incredibly wrong - and I'm one of the few who doesn't think Paul is the #1 PG in the league.