After playing with it here is what I predict/have come up with.
Retiring - Gronk
Releasing - Clayborn - DE (save 4M)
Restructure - D. McCourty - (save 3M) Brady (save 3M), Allen (save 3.4M)
Sign the following.
Flowers(14M), Gost(4M), J. McCourty(4M), M. Brown, Dorsett, R. Allen (2M a piece), J. Jones (1.5M), Waddle (1.5M). Simon (800K).
Edit: Amendola (3M)
At this point your roster looks like this and you will have 6M in cap space.
QB - 2- Brady Hoyer
TE - 2 - Allen, Hollister
OT - 3 - Wynn, Cannon, Waddle
OG - 3 - Mason, Thuney Karras
C - 2 - Andrews, Ferentz
WR - 3 - Edelman, Amendolal, Dorsett
RB/FB - 4 - Michel, White, Burkhead, Develin
DE - 5 - Flowers, Wise, Simon, Rivers, Davis
DT - 3 - Guy, Brown, Butler
LB - 4 - Van Noy, Hightower, Roberts, Bentley
CB - 6 - Gilmore, McCourty, JC Jackson, J. Jones, Crossen, Dawson
S - 4 - McCourty, Chung, Harmon, Ebner
STs - 4 - Gost, Allen, Cardona, Slater
Clearly TE would be a big issue here as would WR. I don't think they keep Hogan after this year and Patterson doesn't really solve the WR issue. The offense is in need of an immediately play maker but the defense is mostly good to go with a few odds and ends.