spent a fair portion of his Thursday morning on a treadmill at the Trail Blazers practice facility, with a towel around his neck, running.

He lifted weights. He stretched. He worked with enough vigor to make me think he still has a future in the NBA at a time when the Blazers lack front-court depth.

But I also couldn't help but wonder whether that future will be in Portland.

Basically, is this it?

I don't think it is. In fact, the Oden story feels half-finished. But I suspect this entire thing is going to hinge not on his health, or his role with the Blazers, but on just how much he likes Portland.

More on that in a bit.

First, know Oden stayed late. His workout was extensive. Teammate Marcus Camby, who had terrific post players Patrick Ewing and Larry Johnson to work with early in his own career, looked in at Oden and told me, "I've been here a year, right? And I really haven't had a chance to work out with Greg and play alongside him."

Therein lies the obvious issue. The not-so-obvious issue centers around Oden's expiring contract, his long-term plans, and the Blazers' master plan for his short-term future.

I'm not sure those things match up.

Consider that

. He became the first No. 1 overall NBA pick since Kwame Brown to not receive that extension. As a result, the Blazers have the period from the day after the last game of this year's NBA Finals to June 30 to make a one-year qualifying offer of $8.8 million to Oden.

If the Blazers make this offer, Oden becomes a restricted free agent this summer. He may field offers from other NBA teams, but the Blazers would have the right to match any offer and keep him.

If the Blazers don't make a qualifying offer before June 30, Oden would simply become an unrestricted free agent. He's free to leave. And that's that.

The Blazers maintain that they'll probably make that qualifying offer, as long as Oden's rehabilitation is progressing -- as they say it is. And they'd be wise to do so. But further, they'd be wise to attempt to turn the one-year deal into a multiyear contract, tacking on two or three seasons to Oden's deal.

Yes -- keep Oden.

Don't build the future around him, but view him as a start-up project that might just develop some day.

The Blazers have invested too much to give up totally on him. I fear Oden's not as happy in Portland as he'll publicly say. That a one-year deal in a potentially locked out NBA season would be a waste. And the last thing this franchise can withstand is having Oden get healthy, come back in 2011-12 and end up in, say, a Bulls uniform, winning titles in the most productive years of his career.

Not talking about operating from a position of fear and fret here. Just pointing out that the shrewd business move isn't to cut bait on a guy who hasn't paid off on the Blazers' initial investment but still has value on the open market.

Camby said that Oden has a "freakish" body. He meant that as a compliment -- his blend of size and athleticism. "Only Dwight Howard is like that," Camby said. "Andrew Bynum is big, but he's not strong and bulked up like Greg."

Oden is 7 feet tall. He's mobile. He's a potential difference-maker on the defensive end of the floor. He's a true center in a league that doesn't have many.

I asked one executive from the East if the Blazers should keep Oden, or go looking for another potential franchise center and he answered with a simple thought: "Where do you find one?"

There isn't another Oden in this draft. Not another one available in free agency. Not another out there, to be had in a trade. The Blazers have the only Greg Oden that God made, and while they shouldn't wait around for him to carry the franchise, they should not cut bait.

Not yet.

Not with him in the gym, working out. Not as long as other teams would salivate at the opportunity to sign him to a short-term contract and see if he ends up making the Blazers, who

, look foolish twice.

Oden told me a few weeks ago in the Blazers locker room that he's trying to lose weight. He wants to play around 270 pounds, not near 300. In that, it looks like Oden understands that what he tried before wasn't working for him. I worried after this latest surgery that Oden might never recover mentally. And I worried when I told him recently that I was having another knee surgery myself -- torn meniscus -- and Oden looked at me and said, "You'll probably beat me back."

I watched Oden work out for 75 minutes on Thursday. When I left he was still going, moving from abdominal workouts with a medicine ball to upright rowing. I didn't interrupt Oden's workout, and call him over to ask him if he likes Portland. Does he want to be here long term? I didn't bother to ask, mostly because it's irrelevant right now. Also, because Oden looked determined to blow my deadline, performing a marathon workout.

At some point Greg Oden will have a choice and his affinity for Portland will be clear.

The Blazers hold the cards until June 30, and the right thing to do is make the qualifying offer and match whatever offer comes Oden's way.

Here's hoping Portland gets the Oden move right the second time.

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Catch him on the radio on “The Bald-Faced Truth,” 3-6 p.m. weekdays on KXTG (95.5).