I think the best thing for the wiz to do is start brand new fresh this summer.
New roster/ New ownership/ New draft pick = rebrand this organization.
market the team towards the political/patriotic themes associated with our nations capital. just as the caps and nats have done. (EDIT: also the dc freedom and dc united)
unlike the mascot "redskins" which is untouchable, we could afford to rebrand ourselves to a different mascot, not the wizards which is relatively new, and not untouchabel.
switch mascots (perhaps the colonists, or the revolutionaries), usher in a new color scheme (red white blue), and usher in a new era of Washington basketball