Everyone is assuming that it's as black and white as:
1. Greg comes back and tears up the NBA. Now he's worth the max.
or
2. Greg comes back and gets injured again or sucks. Now nobody wants him.
What if it's not that simple? What if it's just as convoluted and difficult as it has always been with Greg since we drafted him?
3. Greg comes back, doesn't get injured again but only has a so-so season. (flashes of brilliance followed by "meh" games)
What do the Blazers do then? Do they give him the max? Tyson Chandler is supposedly worth max money. Why wouldn't some team offer Greg a big contract? The fear isn't that we will have to throw max money at an All-Star quality Greg Oden, the fear is that we will have to throw max money at the enigma that is Greg Oden coming off a somewhat promising season. I have always worried that we would have to give Greg a big contract without ever having really seen enough to prove that he's worth it. I still think he wants out of Portland, and why couldn't he force a trade if he convinces the team he wants out?
Honestly, I don't see why that's so complicated. If he comes back, has a meh but healthy season, you offer him approximately his value (whatever you value a serviceable center at) and if another team bids more, you let him go and move on.
I don't think anyone's wringing their hands over losing an average center, regardless of his name. I suspect when people worry about losing Oden, they're worried about losing a guy who seems to be an impact player on the court.
I hate to simplify, but there are three broad categories of outcomes for his coming season that matter in terms of how you handle him in the off-season:
1. He misses all or most of the season (regardless of how he plays in the few games he happens to play, if he plays any)
2. He plays most of the season, but is nothing special
3. He plays most of the season and is an impact player
In situations (1) and (2) you either don't offer him a deal, or you only offer him a deal based on his performance (in the case of category 2). If he leaves, you feel poignant about an exciting draft pick not panning out but at least avoid the risk of a disaster contract.
In situation (3), the situation where you'd be torn up about losing him, you offer him more than anyone else is offering, which the Blazers will be able to do.
The fact of the matter is, things have gone on too long that you can afford to pay for mystery any more. This is the final season to see, the final season where he's affordable to merely evaluate. Either he wows and you pay up, or he doesn't and you don't worry about him leaving.
That's my view of it.