Well this came as a total shock to me, as it did for whoever reads this I am sure.
Its definitely not time to push that big red emergency button called "Rebuild mode". We still have a lot of talent that can a) help us win the title and b) help us get better players through trades and whatnot.
Mitch always has a goal in mind, and he always accomplishes that goal. If the goal is to get under the cap, he can do it. If the goal is to win the championship at all costs, he can do it.
Remember this is going to be tricky to compete because we're basically trying to become the best team in the NBA, while getting under the cap before the 2014 season, when the CBA kicks in full time.