It's a great gamble, i'm actually surprised that no team was willing to gamble more and give Bynum a big guaranteed 2-3 year deal.
But a lot of things have to go right for them to contend. Health as far as Bynum / Varejao / Kyrie. Improvement from the young guys, especially backcourt D. They also need to find a few wing defenders. Do they still have room for Kirilenko or such? I'm too lazy to check. They are deep inside but very shaky on the wings right now.