Alright here's how I would do it if I were the GM. Too late for Kwame I'll re-dit when something comes to mind.

Jamal/Morris for West/Petro/Wilkins or Arroyo/Bogans/Foyle/1rst
Curry for Kwame/2nd pick
Lee/Jeffries/James for Ratliff/Prospsect(McCants)/1rst rounder(Celtics pick 2009)
Q/Nate/Jones/Mardy for Corey Maggette/Aaron Williams/Knight 2nd pick
Zach for Larry Hughes

Keep Balkman and Chandler because they both have Team Options salaries in 2009/2010 and both may provide two specialty skills defense/rebounding and shooting so we'd have

pg=Hughes/West/Knight
g=Maggette/McCants
sf=Wilkins/Balk/Chan
pf=Malik/Williams
C=Petro/Kwame/Ratliff

Lakers 2nd rounder(2008), Minny 1rst rounder(Celtics 2009), Clippers 2nd rounder(2008 get back ours, we'll probably finish worse than them still)

or

pg=Hughes/Arroyo/Knight
g=McCants/Bogans
sf=Maggette/Balk/Chan
pf=Malik/Williams
C=Ratliff/Kwame/Foyle

Lakers 2nd rounder(2008), Minny 1rst rounder(Celtics 2009 Top 3 protected), Clippers 2nd rounder(2008 get back ours, we'll probably finish worse than them), Orlando 1rst rounder(2008 or 2009 Top 3 protection, whatever they have available or what we fell is best)

Only 2 players remain on the books in 2009/2010 which is Hughes and Wilkins at a tune of $16mil in total salary. Get two studs and I mean absolute no brainers in the 2008 and 2009 draft which should be lock lottery picks, we'll be very sucky for 2yrs. Use these two seasons to fill out the roster with the cap space we have but don't give any deals past two yrs. If we've met the cap by filling the roster in the 2008 season, then the following season use the MLE, LLE, VME to pick up other players on 1yr deals. My preference would be to split the MLE in half to get 2 players to better fill the roster. Whatever players we sign via FA need to be players who'll compete every night at the same time bang for our buck Talent. At the very worst case scenario we need to assemble a team for the 2009/2010 that can win at least 35-40gms because we do owe Utah a pick coming into the summer of 2010.

If we like, from the picks in trades and other assets we receive, flip those either at the time of trade to another team or at a later time if necessary. Take for instance we could trade the Orlando pick for Kyle Lowry or the Minny pick for Hilton Armtstrong or deal them at draft time etc etc.

[Edited by - TrueBlue on 02-02-2008 7:54 PM]

I created this thread thinking someone would post some magnificent rebuild ideas.