Yup, and the decision to trade those futures and try and fight through an undeniable cap crunch is something to judge him on (if it was his call). Doesn't erase the crunch though, or change the fact that we're going to emerge from a potentially disappointing single year with our core intact and in great shape moving forward, when many of the alternatives put forward to "fix" a this year only problem would leave us in a much worse shape for many more years.
Being our best long term meant keeping the core intact, holding onto futures
Being our best this year would have required dealing a piece of the core to rebalance.
We kept our core intact, but dealt futures to try and giveourselves a shot.
He tried to do both, and it cost us a collection of futures that while material are cumulatively much more replaceable than a piece of our core. Going for it was risky, and may turn out to have been a waste. But those kind of short term tactical errors are far easier to forgive/overlook when the long term strategic impact still looks pretty awesome.