Sign Welker, tag Talib, and let Vollmer walk (as Mo mentioned, you can't "cut" any of them). I have the feeling that this will be the prevailing emotion throughout the board aside from trolls... ahem... GUYS like helmet2helmet, etc.
Sign Welker: In spite of what the way too pro-Edelman crowd was trying to shovel to us last offseason, Welker showed no signs of slowing down. He's the essential cog in this passing offense (outside of Brady, of course). He takes away additional coverage from guys like Hernandez, Gronk, and Lloyd and, in the AFCCG, was the only guy getting consistent separation from press man. I'd put an initial offer on the table for 3/$24M and hope he bites. After that, draft a receiver in the mold of a Demaryius Thomas to give us an added red zone threat as well as a guy that works outside the hashes.
Tag Talib: ...after experimenting with the FA market to see what's out there. If Grimes, DRC, or any of the other options aren't appetizing, then slap the tag on Talib. This will keep him and Dennard together as the two outside CB's and it will keep McCourty at safety where he belongs. Then, you can either re-sign Arrington or try to improve the "star" position later in the draft.
Let Vollmer walk: I like Vollmer, and it would be a shame for it to come down to this, but OL looks to be pretty promising in next year's draft. There's also some stop gap free agents available that can fill in if needed/if Vollmer asks for too much. Personally, the position on the OL that I would like to see addressed in the draft this year is RG. This will make it so that Connolly can slide back to C.