And you're assuming that that was the only reason, or even the main reason, which presumes facts not entered into evidence. Donnie Walsh said when Artest asked for a trade that they were going to try to accommodate him; he did NOT say that he was going to sit him because he asked to be traded.
Consequences to whom? An even more frustrated fan base? Who cares? You watch the games, too, I presume: people are staying away in droves; the "sellout streak" is a fraud. Nothing is more frustrating and damaging to a fan base than a team that gets stuck in mediocrity and stays there. At least a team that's bad has hope of striking gold in the draft; teams that are terminally mediocre don't even have that. Bad rep among players? Oh noes! Now we won't get those premier free agents that have been queuing up to play for us!
Hell no it does not; guaranteed money absolutely does not equate to guaranteed playing time. The only organization with the authority to do anything about a team that benches it's talent is the player's union and, as long as the owner's still pay the player, the union can't do jack. The Maloofs don't have to justify to Stern whether they play a guy and why. The owner can tell the player, "You're going to have your minutes cut to fifteen a game so we can see what Ronnie Price has to offer. And, if you don't like it, you can go home and sit out your contract." And, as long as the player still gets paid, he pretty much has to sit on it and rotate.