News broke earlier today that the Pacers intend to match Portland's offer to restricted free agent from Roy Hibbert, effectively taking the big center off the Trail Blazers' radar and off their projected salary cap. Indiana's decision leaves the Blazers with plenty of financial flexibility, even if they match Minnesota's offer sheet to Nicolas Batum. However, GM Neil Olshey tells Jason Quick of the Oregonian (Twitter link) that the Blazers expect to turn from the free agent market to the trade market if they can't sign Hibbert.
Even with Hibbert and Omer Asik headed elsewhere, options like JaVale McGee, Chris Kaman, and others remain available in free agency. But Olshey views the search for a free agent center as "Hibbert or nothing," telling Quick that he doesn't want to hamstring the organization with $7-8MM contracts for free agents that won't move the needle (Twitter link).
Besides being used on free agents, the Blazers' cap space can be used to execute an uneven financial trade with a team that wants to shed salary, and Quick expects the team to acquire a center using this route (Twitter link). Depending on the amount of Shawne Williams' contract buyout and a handful of other factors, the Blazers could have about $15-20MM in cap space to facilitate a deal.