The Bucks already have a passing Point Guard. His name is Ramon Sessions. Check out his stats during their games in April last season:
If they give him consistent playing time during the season (and not leave him in the D-League like most of last year), he can easily develop into just what they need.
As it stands, Milwaukee's prospects look bright. They have a no-bullshit coach in Scott Skiles who won't tolerate slacking or lack of defense (two things that plagued the Bucks last season), and will weed out those who aren't trying. They have a huge amount of firepower now, and I think if they can somehow get a good young Power Forward (not a Small Forward masquerading as a PF like Charlie Villenueva), then they can be a chance to be a pretty decent squad in the next few years. Joe Alexander was the steal of this year's draft IMO, and he's reportedly one of the hardest worker's out there, always trying to get better, so he'll be a Skiles favourite right away. If the players buy in to playing winning team basketball, then the Bucks can definitely do well in the next few years. Maybe not be a championship team, but they'll be more than decent.
As well as this, Bogut is probably realistic and realises that he probably can't get that same money anywhere else. Possibly because they overpaid, mainly because other teams might not have the cap space in a year's time, and be willing to spend it on him. So it's better to be safe and secure, instead of having the pressure of a contract year hanging over his head, especially if the team doesn't take to Skiles as coach. Anyway, he can always try and demand a trade later on if he really wants out that badly. As it stands though, I think things are looking psitive for Milwaukee going forward, and hopefully things will indeed get better for them.