I think this deal just sealed the fate of the Hornets' existence in New orleans.
Sure they re-up'd to 2014, but this clause just gave tham an "out":
The hornets will need to average 14.7K in attendance between December 2007 - the end of the 2008/9 season, or else the Hornets can opt out of the deal and move after the 08/09 season.
Sure it may take a few $$ for them to leave, but I doubt we could get 14K in the arena... :(