1) We did sign a free agent. His name is Zach LaVine, and he was a restricted free agent. His old team matched somewhat unexpectedly, so they get to keep him. (LaVine was reportedly telling Kings players at summer league that he thought he was going to be playing in Sac.)
2) While it's true that we did miss out on free agents we did want (for instance Hezonja, whom we evidently offered more money AND more years, but who was determined to take a one-year deal and try free agency again next summer) that doesn't mean that we should turn around and respond by signing guys we don't want, just to sign a guy. There are a couple of paths that make sense right now.
One is that now that we are basically the only players in the market, we can try to use that as leverage to get a player for less money than they might otherwise command. For instance, while Rodney Hood may not exactly be the greatest target, who is going to pay him at this point? Nobody. So we have the opportunity to pick him up on the cheap - as long as he agrees and the Cavs don't match.
Another path we can take is to use our cap space to eat a bad contract and pick up some draft compensation. Ever wonder why it's taking so long for the Thunder to just cut Carmelo? They've already telegraphed the fact that they're going to do it. It's just a matter of whether or not they can trade him instead. Well, here's the thing - to my knowledge there's literally ONE team that can conceivably improve the Thunder's situation relative to outright waiving Carmelo, and that's the Kings. Ever wonder if maybe we're negotiating something there?