That depends on how you define a contending season. Contending for the 7th or 8th spot in a loaded West, along with the virtual first round casualty as a result of the best-of-seven format? Sure, resign Bogo and overcap yourself, leaving you little, if any, cap flexibility. And good luck dealing Bogdanovic for anything meaningful without adding draft compensation due to his 15 per cent trade kicker, while losing all leverage in dictating the when and where you'd like to deal him. You'd now be following the Hornet's blueprint (signing Jefferson in '13 and Hayward one week ago): A ceiling of, at best, treadmill status beckons.
No getting around it, this franchise needs at least one more season in the lottery, along with astute, low cost, short term veteran roster augmentation - think Indiana's signings of McBuckets and Tyreke Evans for example - before even thinking of approaching the 6th or higher playoff positions, in which the chances of advancing increase exponentially. And I'll be surprised if Haliburton alone doesn't compensate for the loss of Bogdanovic, and he needs to play, regardless of the '21 season's win-loss record.