I don't have a lot of faith in it working out, but if the C's can get him on a small deal, why not? They aren't going to contend next year and it's not like he would be hurting anyone's development at the 5. I highly doubt Faverani or Iverson are in the league in 3 years (if Iverson ever cracks a roster at all) and even in the best case scenario, Zeller ends up being a good backup 5.
So if Danny thinks there's even a small shot Oden can stay healthy, they might as well roll the dice on what's going to be a developmental season anyway.