My take is this:
Looking big picture, they decided that they only had the money for a big money long term deal for Wood OR Levitre. Because its easier to find a guard than a center, the choice was made right there.
As far as the Dockery discussion goes, they didn't really have many big money players back then did they? Now they have Stevie, Wood, Byrd, both Williams, raises coming (relatively--remember big picture) soon to Spiller, Gilmore, Bradham, etc.
Signing too many players at too long a term is what gets you in cap hell.