I would think by the end of 09 they have some serious extensions to be handing out.
I'm not sure what is happening with Raef but with him and Francis finishing at the end of 08-09 that is $30 million freed up for cap space.
They then have team options for the following:
LaMarcus Aldridge
Martell Webster
Brandon Roy
Channing Frye
Jarrett Jack
Sergio Rodriguez
which would leave them spending about $25-$30 million to start 09-10. Now obviously they will hand out 1 or 2 extensions but they will have some serious cash to splash around.