After game 5 against the Nuggets in last season's playoff, the Hornets have a busy offseason. They went to trade market to trade Chandler for Okafor, draft Collison and Thornton plus sign Ike Diogu (most likely the Bi-annual exception) from free agent.
There are 14 players who have fully guaranteed contracts, which is already one more than the league minimum of the roster numbers (12 actives and one inactive, teams may have a maximum of three players in the inactive list, so the total number can reach 15).
They may want to sign an additional point guard and true big man, as the depth of those two positions is not enough if someone gets hurt in mid-season (West and/or Paul). The options they have for now is the MLE or re-sign the free agents from the own team.
At this point, I don't think they should sign their own free agents. They are already have 14 players and they should sign a player who can make a impact. If they want to use the MLE, their option is Big Baby Davis. A former LSU stand out, he can provide experience and depth that can help in the playoff and also get the salary that he deserve.
If there is no major injury, I fully expect the Hornets will go deep in the playoff this season, despite the Lakers will end their run in their conference semi final in 6 games.