CP3 is way better than Kemba, and he always will be. That's just how it is. A lot of experts think Kemba would be better off the bench anyway as a high energy guy.
I'm not saying Kemba is better than CP3, but I don't see the sense in having a guy who is 23 years old and just averaged 18ppg and 6 apg (very similar to Paul's stats his second year in the league) that is making @2.6 million and under contract or three more seasons and signing a guy who is 28 years old and averaged 17ppg and 10apg that is going to demand @20 million over 4 seasons.
Point being, although I think Chris Paul is better than Kemba right now, I don't think he is 17 million dollars better. That money can be better spent and would have a bigger impact on actually improving the team as a whole if it is spent elsewhere.
That is 17 million additional dollars spent to moderately upgrade one position when that same 20 million could be spent elsewhere to immensely upgrade another position (like center or PF).