Honestly I think the reason why this won't work has everything to do with things that have nothing to do with Shaq and AI, which is that reebok doesn't have great designs, shoe technology or cultural presence right now.
They really have ignored the overall landscape of the shoe game and it's lost them a lot of ground over the years, they always seem to have great potential and squander it. Nike and Adidas have lapped them 50 times over.
when reebok was #1 (mid-80's), it was because of the fitness lane and white celebrities (rockers and actors) endorsing the brand. they rode that success in the 80's to some smart business acquisitions, signings and technical innovations (the pump, '89) that allowed them to extend their run... even though they were never able to optimize globally like nike and adidas did.
but at one point, i believe reebok had the license for all four major sports leagues. which... all i can say to anyone asking is: you had to be there.
to your point, i think designs and technology are factors in their falloff. but fashion is fickle, and you can correct that by investing in young talent and giving them room to create. you can also wait for your archives to come back in favor.
i think the real issue for the brand is that i dont know if they're ever going to win by trying to improve their cultural credo. they can go on a run for sure. but unless someone like kanye -- who can generate long-term demand -- is walking through that door, i dont think that type of success is going to be truly impactful. i also think they've been getting squeezed out of the fitness and affordable footwear lanes by competitors, and that's where they've truly suffered.
speaking of.. one thing about the brand that i think is overlooked is that they're red state/trailer park sneakers. they're functional and affordable and they pop up in discount stores. a huge part of their (current) sales are driven by placements in rural, midwest states.