The way I see it, our starters are Felton, Matthews, Batum, Aldridge, and Camby.
From there you can go instant-small by sliding Wallace in for Camby and playing Aldridge at the 5; or go big by subbing Wallace in for Felton and having Matthews as your PG; Batum or Williams at SG (Batum can't actually handle, so Williams at 6-5 with a serviceable handle might actually work better than to put it all on Wes), and Wallace at the 3.
As far as rotations go:
Nolan Smith is the first guard off the bench at either PG/SG (our backup guards are Smith, Elliot Williams, and Armon Johnson). Armon and Nolan split backup PG duties; Williams gets the lions share of backup SG duties. Obviously the backup guard situation is DIRE, and the next F.A. signing ought to be a veteran guard [Billups, if he wants to come to PDX and play limited minutes for the minimum would be ideal, or even Steve Blake]
Gerald Wallace is the first forward off the bench at either position, but if you pencil in LMA and Batum for 70 minutes a night, there's only 26 left over for Wallace; which isn't really enough. Babbitt (and E. Williams at the 3) are basically squeezed out entirely.
The PF/C rotation has Kurt Thomas at the 4 when Aldridge plays the 5; allowing Wallace to play more as SF than PF. Chris Johnson and Aldridge play about 15 minutes between them at the center spot; with Camby only penciled in for 24 minutes; the rest of the center minutes are played sparingly by Earl Barron and Thomas.
We need a free agent PG. I'll assume Billups won't sign here; Steve Blake is under contract and the only way to get him would be offer the Lakers some frontcourt "depth"/salary fodder in Babbitt, Barron, or C. Johnson. Baron Davis will be out there for the minimum if he clears Amnesty waivers. Who else?