Keep Ray. At some point start a defensive stud in his place and bring him off the bench for an age-appropriate amount of minutes. And put him in at the end of close games...
It's hard to replace a cold-blooded clutch shooter. Plus Ray is a fantastic mentor in terms of attitude, work ethic, etc...He's off the charts in that respect.
New Orleans needs Big Baby. They need his girth and his personality. Chris Paul and a prominent role in N.O. will keep Glen motivated. He'll be a media darling, which he needs to be. Our starting center and starting PF are too good to spend big bucks on Baby. Sign and trade Baby, including Pruitt and our second round pick, for James Posey and N.O's first round pick. Draft Blair and if he's already gone draft Hansbrough.
Rondo, Marbury
Ray Allen, House, Giddens
Pierce , Posey, Walker
Garnett, Scal, Blair, Powe
Perkins, Pachulia
As usual, I'm weak in the area of feasibility