Milwaukee Journal-Sentinel columnist Michael Hunt says that Bucks’ best move may be to let Ramon Sessions walk if he signs an offer sheet with another team.

He starts off by discussing Charlie Villanueva’s new contract.

Because having Villanueva back on a bloated payroll would’ve exposed the Bucks to the NBA’s luxury tax – an insane notion for a team that wasn’t going to make the playoffs with him – they simply did not want him for financial reasons. And that’s beyond the fact that, at 6 feet 11 inches, he stood on the perimeter shooting threes and didn’t play defense.

Who knew he would get $7 million from the Pistons?

I don’t want to toot my own horn, but I’m going to go ahead and toot it anyway. In our free agency preview, I estimated that Villanueva’s value was somewhere in the range of $5.5-$6.5 million per year. And that was before the Bucks elected not to extend the qualifying offer that would have made him a restricted free agent.

This notion that the Bucks wouldn’t be a playoff team with Villanueva on the roster is poppycock. They lost Andrew Bogut for 46 games and Michael Redd for 49 games and still won 34 games last season. Had they won six more games, they would have made the postseason. Does that in itself justify paying the luxury tax? No, but the Bucks clearly have (or had, before this summer) the talent to make the playoffs.

Hunt is right in that Villanueva didn’t play much defense, but that doesn’t change the fact that small market teams can’t afford to let assets get away without any compensation. Did the Bucks explore a sign-and-trade? Maybe the Pistons would have been willing to give up a first round pick and an expiring salary (or Amir Johnson, if he were still on the roster) for Villanueva. Sure, extending that qualifying offer would have put the Bucks over the luxury tax threshold, but is it worth it to give away your good players just to avoid the tax? For the Bucks, maybe it is. But that’s not how you build a winner.

Now, onto the Ramon Sessions situation…

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Unless the guy is a major disappointment, a team will usually extend the qualifying offer required to make a player a restricted free agent. In the last year of their rookie contract, players are generally still affordable, so average to decent players usually end up as RFAs for a year before hitting unrestricted free agency the following summer.

I told you all of that to tell you this — the Bucks elected not to make the qualifying offer of $4.6 million to perimeter-oriented power forward Charlie Villanueva, who averaged 16.2 points and 6.7 rebounds last season. In 47 games as a starter, he averaged 17.7 points and 7.3 rebounds. He can now sign with any team he likes and the Bucks will receive no compensation. I expect that he’ll garner at least a mid-level deal on the open market. His defense is definitely suspect, but he’s young (24) and can really put the ball in the hole.

I sure hope that general manager John Hammond explored all of his options before making this decision. It seems like Villanueva holds enough value to pry a first round pick or a prospect away from a contender (how about a J.J. Hickson-for-Villanueva swap with Cleveland?), but this decision, coupled with the Richard Jefferson giveaway last week indicate that the Bucks are in serious cost cutting mode.

The good news is that, with the move, Milwaukee should be better able to match offers for Ramon Sessions, who is a TSR fave.