1. A system for supporting dynamic provisioning of resources comprising: a network switch comprising a plurality of network ports and a plurality of memory blocks in a content-addressable memory, wherein each memory block of the plurality of memory blocks is bound to one or more of the plurality of network ports; a packet processing engine that processes network traffic received at a network port of the plurality of network ports; and a management entity that operates to monitor a traffic profile of the network traffic received at the network port and a another traffic profile of another network traffic received at another network port of the plurality of network ports, deallocate one or more memory blocks of said plurality of memory blocks from the another network port, allocate, based on the traffic profile of the network traffic received at the network port, said one or more memory blocks for use by the network port as a logical classification table, and associate the logical classification table with the network port, for use by the packet processing engine in processing subsequent network traffic received at the network port.