Since Danny Ferry has shed all the awful contracts (Joe, Marvin, etc.) you'd think it would be to rebuild under a more fiscally responsible model. Ostensibly, the cap space was being cleared out for the Dwight pipe dream, and having failed that I guess they want to collect affordable assets who won't hamstring the flexibility long term. However, as you say, signing Monta would be a curious move for a team trying to remain flexible down the road.
So, I guess it's similar to the Daryl Morey model of 3-4 years ago? Bide your time, don't over extend, but have the tradable bulk assets and cap space readily available should a James Harden type deal fall in your lap. From there, you can attract better free agents, but for the time being they don't fux with the A. (Sadly, not even guys born and raised there see it as a viable destination currently, as we've seen.)