For now, retaining Oden is just a question of short-term cash that can't be spent on anything else. Therefore continuing to wait and see, as angry as the idea makes some people, really has no adverse effect on the franchise.
It has an adverse effect on Paul Allen's pocket book, though, so if he decides he's done spending money to wait and see, I can understand that. However, if he's willing to spend the money, I think the franchise is best off extending Oden the qualifying offer. They cannot use that money for someone else, being over the cap.
As far as I'm concerned, you hold off on final decisions like these, like jettisoning a talented player forever, until the cost of holding off hurts your future prospects. If Allen is okay with paying the qualifying offer, then there's currently no cost to the franchise for holding off.
Except to those who believe in a psychic cost to the minds of the players and front office. I don't believe in such a thing.