They've signed Ballinger (big signing), Maher (big deal signed before last year), Davidson (quality Australian recruit) and Cooper. Then there's the rumour that they may lure Holmes back (Dragons' MVP). Assuming all that, they've signed a good number of reasonably expensive players already (plus Coops!), and still have to budget for two imports (one initially, and one to come when Ballinger naturalises) and 3-4 more players.
Holmes, Rychart and Forman all left under a different owner and different coach. Completely different issues and nothing to do with season 08/09.
With Beveridge, if they even made him an offer (I heard from someone in West Sydney that he was one of the top candidates, but no formal offer was made) I'd say that it was in-line with other salaries in the league (such as that of Westover). If Beveridge happened to be on more already, so be it.
As for Hodge, the chances of him not making the NBA are looking less likely with each D-League game. I'd almost rather they (as I'm sure they would be) worked hard on back-up plans rather than spend up to get Hodge only for him to take the NBA out clause and disrupt plans at the last second. What he'd be asking could pay for two quality imports even.
If Melbourne are after him and offering him more, they have a club supposedly making money and more room to move. I'd guess that the 36ers, were they also making money, might have trumpeted that, so let's assume they're working to a budget of some sort (just as Brisbane will probably have to in 08/09!). A bit of responsible spending now may mean stability that attracts players later?
I can't quite see the doom and gloom, to be honest. They got one of their top candidates as coach, immediately signed a star, top-tier import for three years, already have a great local in Davidson, what could be a top sixth man in Maher (who can start if required), Cooper (could start or come off the bench) and then there's the rumour of adding Holmes. Fill in the gaps (with the flexibility of an import and perhaps another to come) and that's a pretty decent position to be in.