CP3 would not work salary wise. He's definately looking at a max contract, which I believe is $100M/5 [or $80M/4, either way around $20M/year]. Our salaries for the next season already burn $76.4M [which will be probably around $16M over the cap]. In order to get Paul we'd have to get rid of Amare or Chandler + some role players, which seems impossible. Amare has no value at this point, his last two season were a disgrace, maybe if he was an expiring contract we could trade him somewhere for some prospects, but with 2 years and $40M left I don't see any GM willing to sign such a garbage player. Even Colangelo wouldn't make that call.
Chandler on the other hand is absolutely tradable. However I don't think we should try to shop him, even despite his playoffs blamage. But even if we were trying to ship him we'd have to add some pieces to that package and except of Felton and Shump we've got noone who has enough basketball value. It wouldn't also be comprehensible to trade any of them, Shump is a future star and a top notch defender and Ray brings as much PG quality as we can get for $4M/year.
IMO our top priority should be getting rid of Novak, Camby and Kidd which would free up additional $10.1M cap room. We could force both Camby and Kidd to retire, though I'm not quite sure if it'd allow us to wipe their contracts of the books. Also, I don't know what to do with JR, he's still the 6th man of the year and could really help us if he was able to get his **** together. It'd be great if we could pick that Schroeder kid, solid ball handler, great defender, good shooter, very physical point guard. He's now projected to get selected around the 12th pick (we've got the 24th), but who knows, maybe Grunwald can make some calls and get as an early pick.