In all honesty, I want nothing to happen.
With a new CBA to be in place, whatever that may look like, I'd want this team to maintain financial flexibility until that is done. It would be just like a Toronto team to go out and try to acquire a big name player who couldn't get it done somewhere else and is coming into a rebuilding situation.
Really, Colangelo should do very little unless he's able to shred long term contracts for short term or expiring deals or getting draft picks that he could use in the future.
As for Melo, he'll be dealt this month to New Jersey.