This would be my Plan A:
Release:
Carew
Salifou
Osbourne
Pires
Marshall
Sell:
Heskey
Beye
Warnock
Dunne
Petrov
Ireland
New deals offered to:
Friedel (1 year with coaching role)
Reo-Coker (3 years)
Ashley Young (4 years)*
Sign:
No.1 keeper
No.1 RB (Walker ideally)
CB
LB
Attacking midfielder
Centre forward (not necessarily a 'targetman' type but in that kind of style to give us an extra dimension)
I'd also consider signing Bradley if the price is reasonable (£3-4m) as he's only 23 and has decent potential.
On paper, those new signings add to the following squad:
Friedel
Guzan
L Young
Collins
Clark
Cuellar
Baker
Lichaj
Delph
NRC
Makoun
Albrighton
Downing
Bent
Agbonlahor
A Young
Bannan
Hogg
Weimann
*If Ashley Young doesn't sign a new deal - and I don't expect him to, this is my Plan A scenario here - I'd obviously sell him but not necessarily spend big on a direct replacement; Downing and Albrighton would be my starting wingers next season and it may be that Seb Larsson on a free transfer fills the role as cover/competition.