They'll need to make good decisions over the next two years. If they can't make good team-building decisions, rebuilding is useless also.

If the team is headed upward, even if it's not a title contender yet, I think they'll be the heavy favourites to re-sign Paul. This off-season featured two superstars switching teams in free agency, but that's not the norm. Generally, max contract caliber players stay at home, because their team can offer them the most. Unless Paul has grown to hate it there, I think he'll stay in New Orleans if the team has upgraded the talent at least a bit over the next two seasons.
You overestimate what they're risking here. They're not getting any blue chip offers. Portland's offer of Batum and Bayless is nice, but those two players are hardly make-or-break for a franchise. They're much better off, IMO, holding onto their once-a-generation point guard for one-two seasons (depending on what the lockout eats) and hoping they're able to retain him. If they can't, I don't think they'll be crushed as a franchise for not having Batum and Bayless. And I say that as a charter member of the Batum fanclub.