I think you cannot judge Geoff without judging the Maloofs at the same time; they are a team and this team did the improbable of taking a wild, fast paced team from Sacramento a hair from a championship. On the other hand, once the team decided to make getting under the cap a top priority, all bets were off.
I think of it this way: you are working at Pizza Hut making $10 per hour. With this money, you can afford to make payments on a car (5 year commitment), rent an apartment (2 year commitment), just barely scrape enough cash together to finance a speed boat (4 year commitment), and buy food/pay bills. As long as you keep working at Pizza Hut making $10 per hour, everything will be fine... unfortunately, you are fired and can only find work at Joe's Crab Shack washing dishes at $8 per hour (this, is the point in the metaphor where the Maloofs decide to get under the cap at all costs). All of the sudden, your long term commitments are like a noose around your neck; you cannot afford them, but you are stuck with them. Your food and bills must be decreased significantly, new acquisitions or upgrades are years away, and you have a real significant financial problem. Additionally, the boat needs regular repair, the apartment is getting run down, and, though the car runs, it is close to giving up.
The Maloof/Geoff team's decision to change spending priority prematurely made the rebuilding process incredibly difficult. Additionally, all of the nice players they picked up in the "spendy" years cannot be afforded comfortably in the "tight" years and the commitment to winning made in the "spendy" years was essentially flushed.
Hopefully, once Bibby and some other pieces are gone, the Kings can get back on track and rebuild.