Can Josh Smith be saved? Yes I think so. Mike Woodson showed how to get the most of his talent in the 2009-2010 season. He started 81 games at PF and shot 7 three pointers the entire season. He was an All Star that season by the numbers, if not in fact. Is this the right situation for him to succeed? That's where I have reservations. With Malone in charge I think the answer was clearly no. There was no room left in the offense for another volume scorer and we could find better fits defensively -- in particular we needed somebody with enough size to competently backup Cousins at C.
But with Malone gone and a new running team the mandate of the front office (let's face it, this is what's coming whether we like it or not), Josh Smith isn't a horrible fit provided you implement a system whereby he's fined and/or disciplined every time he attempts a three point shot. Try to lure Rondo in the off-season and you have a high-flying, dynamic offense and a scattering of good individual defenders. You also have exactly one three-point threat in your lineup so the margin for error is pretty slim. The defense needs to take away open threes from the other team and the offense needs to emphasize multiple points of attack to make up for the lack of floor spacing. I do think there's a system which could make that lineup work (Rondo/McLemore/Gay/Smith/Cousins), but that's only if you get Rondo to come to Sacramento and that's a long shot. George Karl would be an ideal coaching choice for that team.
And for the record, I think Malone's plan had more long-term potential to be great than the high-flying running lineup does even if you get Rondo, Smith, and George Karl to come. That's because Malone's system was predicated on roles not players. You can swap out players if the system and coach remain consistent. The flashy running lineup falls apart as the athleticism of Smith, Gay, and Rondo declines or George Karl decides to retire or ownership cheaps out on re-signing him (hello dysfunctional Denver Nuggets of 2013 and 2014).