Stefanski really talked primarily about making a trade this summer, not pure free agency. There may be a plan for a S&T with Smith, if not, this may be their pipe dream and they are giving it a shot. The back-up plan is either a S&T for someone like Biedrins (if GS contracts itself into a corner) or one of the expiring contract guys like Marion, Sheed or Odom. Last resort is probably a trade for Wilcox or CV. Stefanski will do something, it just might not be a long term move just yet.
The expiring contracts set us up for the deadline and/or next summer while giving the team a boost and giving Speights some time to grow. A year from now we could easily be annointing Speights our PF for the next decade, like we have Thad at the SF spot, and wondering what Stefanski will do to improve us at C and PG.
If someone makes a grab at Iggy, we need to have a plan and stick to it. At worst we have to match a max 5 year deal. Front loading it won't hurt us, although we probably have a price we won't pay to keep him. if he goes we assess the remaining FA landscape and act accordingly. If someone wants to drastically overpay Lou, try and work out a S&T or let him go. Don't overpay for a tweener bench guy, even a good one.