I think that the Olympic team pretty much picks itself for the most part.
Take the 12 men that represented Australia against NZ last year for Olympic qualifying, and add the three guys that we're unavailable (Bogut, Andersen, Jawai) and you've got yourself a 15-man squad as follows;
Guards: Mills, Dellavedova, Gibson, Martin
Wings: Newley, Ingles, Barlow, Worthington
Bigs: Bogut, Nielsen, Andersen, Maric, Jawai, Baynes, Ogilvy
Perhaps throw Pete Crawford into the mix purely for his shooting/scoring ability, as this is an area the Boomers have lacked in the past couple of years.
I too once thought that 2012 would be our best shot at a medal, but the lack of pure shooters/scorers available at the two-guard spot hurts this team badly, so we may have to wait until the 2014/2016 WC/OG years to see this team truly blossom with the additions of Drmic, Greenwood and perhaps Motum.