It looks like San Jose could have another shot at a NBA team. Robert Pera, a billionaire who founded San Jose's Ubiquiti Networks, purchased the Memphis Grizzlies a couple weeks ago. I believe this is the same team that Larry Ellison tried to buy and move to San Jose.
While Robert Pera hasn't given any indication that he would like to move the team, I think it is definitely in the realm of possibility that he'll want them closer to home when their current lease expires. The HP Pavilion is already capable of supporting an NBA team so many of the hassles other Bay Area sports teams are facing with moving (A's, 49ers, Warriors, etc.) would not apply. No new construction, votes, or territory disputes would exist to impede a move.
The Bay Area can definitely support two NBA teams, so I'm going to keep my fingers crossed that Pera will one day make this happen!
Source: The Sale Lake Tribune