It is an intersting situation, but not the best situation for the Blazers as Minny has leverage. If no deal is made (likely), Blazers will have to renounce players just to make an offer . . . that could potentially be matched. If Minny matches, no Pek and no Hickson and other players.
What can not happen is having Olshey handle the situation like Kahn did last year. Kahn should be fired just for the way he handled that. Waiting beyond the time available to make an offer, and then making an offer that was not legit, more time goes by trying to work out a sigh and trade, then release or bad trade of players by Minny to be able to make an offer . . . that was eventually matched.
Wolves ended up giving a draft pick away to be able to give a player away, released Webster, and lost out on getting other free agents (like Mayo) who were signed during all this . . . and never got Nic.
Blazers need to release whoever they have to and make offer on day 1 to Pek if they are going to do this right. During the waiting peroid, let the sign and trade talk commence, but the offer should be ready and made on day 1 (assuming Pek wants to sign with the Blazers, visa versa)