I'd let Baby walk, S&T if possible, but if he would consider a 1 year 4 mil deal I'd think about it.
I'd still like to go after a center even if JO, Shaq, and Krstic (I'd like to see him back) returns. At the top end with our full MLE I'd look at Delambert, Chamdler, and Jordan. I feel like we won't be able get any of those 3. As a result I'd take a flyer or vet min guy or use our BLE. Someone like Ming, Kwame Brown, Mohammed, Przybilla, Kurt Thomas. With 4 centers and KG able to play center at times it will be center by committee.
Then I'd S&T Jeff Green to a team looking for more young players and has a veteran power forward. Marcus Camby would be great who can also play a little center. I think he still has a couple solid years left (10 boards a game still) and you might be able to get a draft pick in return in this deal. I'd also bring Murphy back only a season removed from a very solid year.
Then I'd throw our whole MLE at either Jason Richardson, Prince, Battier, Caron Butler, or Kirlenko (maybe Grant Hill if he can play like last year). I think we would have a good shot at getting one of those guys. With a vet min or BLE contract I'd go after another wing player either keeping Pavlovic or taking a flyer or Michael Redd, Tracy McGrady, or Josh Howard.
I'd like both West and Wafer to return.
So the reshaped roster even though not really younger but it would be deeper. Maybe you get another draft pick with the S&T with Green.
Centers Shaq, JO, Krtstic, vet min or BLE guy, Camby, KG
Power forwards KG, Camby, Murphy
Wings Pierce, Allen, full MLE guy, vet min or BLE guy, Wafer, West
Point Guards Rondo, West, Bradley
Trade our #1 pick or send him oversees as we wouldn't have a roster spot.