The Hornets could have kept Kobe, played hardball, and told him, "Sorry, we own your rights, so you are playing for us." Perhaps Kobe would have come around, just like Webber did when he initially did not want to play for Sacramento.
The Hornets could have drafted Peja, future MVP Steve Nash, or Jermaine O'Neal.
The Hornets could have asked the Lakers for more than Vlade Divac. I bet the Lakers would also have thrown in their first round pick that year, which turned out to be Derek Fisher. Still an incredibly lopsided trade, but a smidge less so.
Instead they traded Kobe Bryant for Vlade Divac straight up. Vlade played 2 years for the Hornets, and Kobe turned out to a Hall of Famer. OUCH.
Of course, hindsight is 20/20 vision, but if we're going to hold the Blazers' feet to the fire for passing on Jordan, why wouldn't we hold the Hornets' feet to the fire as well? They traded a player who turned out to be one of the greatest players in NBA history -- for a 28 year old above average center who gave them two solid, if unspectacular seasons. WORST...TRADE...EVER.