Neil Olshey has begun to lose some of the polish he once held in the eyes of Portland Trail Blazers fans. The team’s general manager failed to re-sign Ed Davis for a pithy sum of $4 million this offseason. Publicly, that move was justified as an allowance for getting second-year big man Zach Collins some more minutes this upcoming season. As we have written about before here on Pro Basketball Talk, it was also to dodge a significant luxury tax bill.

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Now, by early August, Olshey has completed the major moves of his offseason. As was expected, Portland re-signed big man Jusuf Nurkic to a reasonable $12 million-a-year salary. Unfortunately, Olshey failed to use the trade exception the Blazers gained from the Allen Crabbe swap, and did not bring in a veteran wing like they wanted.

Olshey is now out in the Portland sun, hiking the public relations trail while trying to craft a narrative around his quiet offseason. The Blazers GM recently sat down with TV reporter Brooke Olzendam to explain his position on Portland’s moves.

VIDEO: Neil Olshey interview with Brooke Olzendam

During a 30-minute video released by the team this week, Olshey mentioned two things of note. The first was that he was surprised that there was not a larger market for his trade exception. Olshey said that he figured that he would be able to absorb some contracts from the 2016 season with that $13 million chip, but was unable to find a suitor.

Honestly we were caught off guard. We thought for sure the Allen Crabbe trade exception would have huge value in the league. And like I said, teams are just not in the business of giving up quality players the way they were because I think everybody understand they’re going to have to pay the freight this summer for what everybody did back in 2016. There just wasn’t as many pieces in the marketplace to do the absorption deals we’ve seen in the past.

Olshey also eventually worked his way around to saying that he does not believe that moving either Damian Lillard or CJ McCollum is the right choice going forward. The murmur out of the City of Roses is that McCollum, the team’s most readily movable trade chip, has not been and will continue to stay off the trade block.

We’re keeping the core together, knowing Dame and CJ have at least three years left on their contracts, and we give that group the best chance to win without impeding our ability long-term in terms of being into a number that’s completely non-liquid.

Portland’s trade exception expired on July 25, and after a week-and-a-half spent contemplating, it now seems clear what Olshey is plan is for the short-term future. That is, to duck as much luxury tax as possible, build around Lillard and McCollum, and wait out the rest of the Western Conference. The justification for this plan — which mostly involves doing nothing — is twofold.

First, Golden State’s dominance in the West is unchallenged, even if Olshey was unwilling to admit that to Olzendam during the above interview. Internally, the Blazers know Golden State won’t run into real salary problems until the 2019-20 season, and it appears they would rather sit tight as that issue resolves itself.

Second, Olshey has decided to try to reduce the salary cap figure simply as a mechanism of being a good financial planner. And, if we believe the wait-and-see strategy to be true, then tighter budgeting must follow in kind. There is no sense for the Blazers to spend over the cap more than they need to if they agree to concede the next couple of years in the West.

Publicly they’ll never admit that, but it’s exactly what they’re doing.

Whether this is the right move or not isn’t clear. No doubt fans in Portland will do what they do every year. They’ll continue to be excited about and support the development of young guys on the roster including Gary Trent Jr. and Anfernee Simons. Meanwhile, they will restlessly stir about whether or not the team should make big moves, including trading McCollum or as has been the case the past couple of years, firing Terry Stotts.

What is more apparent now more than ever is how little control Olshey has over the team’s destiny. His big free agent move in 2016 was to nab Evan Turner, and re-sign Crabbe to use as a trade chip. Neither of those decisions turned out well for Portland, either on the floor or in terms of their salary cap impact. With no flexibility from his own accord, and no reason to combat the dynasty of a generation in the conference, Olshey has to sit tight.

He can spin his transactions to the public however he likes, and no doubt he deserves credit for some of his craftier moves. But those small deals seem to be Olshey’s limit at this point, whether it be finding added value in the draft or picking up replacement players for the back half of the bench for 60 percent of their year-over-year cost.

Perhaps most interestingly, now that he’s in Chief Financial Officer mode, it’s unclear whether Olshey will ever see his vision for this team to fruition.

Turner has just two more seasons left on his albatross of a contract, but after that comes Lillard and McCollum, due for extensions the season after. Olshey is taking a serious gamble using the patience of his two stars as betting chips by managing the luxury tax and trying to develop small-time talent as he clock-watches the Warriors.

Blazers general managers have always been measured by two things: the ability to create a roster that can win, and the elusive Big Trade or Big Free Agent Signing. Bob Whitsitt famously went down swinging in the early 2000s, trading anyone and everyone. Olshey might get the boot in a couple of years, with hardly a murmur, unless he finds a way to stave off elimination.

No doubt if you asked him, Olshey would point out his victories — the smart trade for Robin Lopez, the under-market signing of Al-Farouq Aminu, the Nurkic-for-Mason Plumlee swap, the Shabazz Napier trade, and the refusal of Chandler Parson’s contract demands. But those moves have largely been balanced by a dogged dedication to the Lillard-McCollum pairing, the Turner signing, the Meyers Leonard and Moe Harkless contracts, the Arron Afflalo trade, the Nicolas Batum trade, the Festus Ezeli deal, and the Allen Crabbe trade.

Any way you slice it, Olshey’s performance as head of the Blazers has been evened out, leveled with the reality of a star in Lillard itching to know just when they’re going to climb the next peak. The team has made the playoffs the past five seasons in a row largely due to Lillard, whose draft selection in 2012 was the brainchild of the man directly before Olshey in Chad Buchanan.

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What Portland is playing for now is not about next season, or free agents, or the luxury tax, or player development. Because of their position of extreme negative equity, the Blazers long-term plans are now about holding on to Lillard past 2020-21.

Whether Olshey will be there to negotiate that extension is up for debate.

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