If the "window"is over, you trade Paul for an expiring and an asset. Let Ray expire and then go for it with the FA sweepstakes.
For example, get T-Mac and Ariza for PP, Sheed, and baby this year. This summer, pick up Joe Johnson, use bird rights on Ray Allen, Tony Allen, House, and T-Mac, use the mid-level and draft picks on bigs, and finish it off with vet minimum guys. I know the thought of trading the captain is sickening, but if the gamble pays off you reload fast while remaining fiscally sound.
Rondo, House, vet minimum
JJ, Ray, Tony
Ariza, T-Mac, Walker
KG, pick,
Perk, midlevel (Camby?), pick