First, I think many people on CH are looking at the wolves from an unrealistic standpoint. While I love the wolves, and continue to be a supporter, I also try to look at the team from an objective standpoint. In terms of free agents, there is absolutely no way that Bosh, Amare or any other Tier 1 free agent comes here (that doesn't include Gay). Bosh is going to land where Lebron does, or else where another superstar currently resides or signs. He is done with rebuilding teams and teams that don't have a chance at winning in the very near future.
In terms of Amare, he is going to sign with one of the big market, unsuccessful Lebron-chasers. Obviously NJ, Chicago, Miami and NY are not going to be able to all sign their intended targets. I'm assuming Wade, Bosh and Lebron will join 1-2 teams, leaving the other 2 or 3 teams with lots of cap space and an angry fan base. There is no way a big market team, such as NJ, NY or Chicago (to a lesser extent), can finish this offseason without a marquee free agent or combination of free agents. The Lebron-losers will go hard after Amare, Boozer and Joe Johnson. Do you really think the wolves could compete with such a team? They theoretically could match the salary offers, but these players want to land in big markets, not in MSP. Especially when the other teams have enough room to sign 2 big-time free agents.
Moving on to Gay, I like the guy, but I don't see a need unless some major changes go down. It makes zero sense to sign Gay to a huge contract when we just drafted Wes at 4. Neither guy can play the 2 for extended minutes, as they don't have the handles or skills necessary. We cannot make 2 big commitments (both fiscally and team-wise) to 2 players who cannot play major minutes at the same time. Remind anyone of the Love-Big Al dilemma?
I also believe that any team that loses out on bigger Free Agents will throw a lot of money towards Gay to "salvage" the offseason. If he gets anywhere close to max money, it will be a mistake. He is a good player with a high ceiling, but no one really should believe he can be the #1 option on a team. If you pay him close to max money, that is what you're banking on. I also feel like he lacks the motivation and killer instinct needed to be a superstar, once he signs the contract he'll be one of those "death" contracts in the future that kill a team's payroll and are impossible to move (Brand style).
On the other hand, if we can work out a trade with NJ for a Wes-Favors swap, I fully support signing Gay (granted not for huge money). I believe this would work well for both teams if NJ is able to pick up a PF in free agency. Given NJ's desire to win now, it would be in our best interest for Amare, Bosh, Boozer or maybe even David Lee to land there. That way, Favors becomes more expendable, and we could work out a Wes-Favors deal. I'm not sure what else we would have to throw in. Wes would give them the wing/shooter they need, while being NBA ready. Favors would give us the young, athletic PF/C that could take time to develop.