Here's what I would do (in no particular order). Note I don't think we will be able to do all these moves, but some of them would be really nice.
1.) If Terrell Suggs is not franchised, he would be a top priority. If we get him we can consider letting Colvin go or if he renegotiates for a decent contract, use Suggs, Colvin, and Vrabel in a rotation.
2.) Sign Victor Hobson. He would be a solid ILB with intimate knowledge of the Pats' defense. Also, would hurt the Jets.
3.) Sign Nnamdi Asomugha if he isn't franchised. He will probably not cost as much as Asante Samuel, but may in fact be a better CB. He's a tall CB too to match up better with the big WRs. Even if he is franchised, I would much rather try to trade for him than DeAngelo Hall. He is a better CB in my opinion and the Pats could probably get him for the same price in trade as Hall. Besides, the Pats and Raiders have a history of trading.
4.) Try to trade down in the first round. Unless the Pats are absolutely in love with someone, there is no point in drafting in the top 10. We could trade just outside the top 10 and pick up a top 2nd round pick too boot.
5.) Try to sign Dallas Clark if not franchised. He would be a big upgrade in that area and hurt the Colts too boot. I don't know if Watson is our long term future for the team and Clark has hurt us so many times.
6.) Cut both Stallworth and Washington. Love to keep both, but not at the prices they have now. I see Stallworth looking for a big deal and opportunity to start. I can't see him staying. Washington is far too expensive for a special teams specialist. He might not get any good offers and come back.
7.) Resign Moss and Gaffney. Gaffney shouldn't cost too much.
8.) Let Samuel go. I would like him back, but he is looking to be paid like the best CB in the league. Too much for a position that is fairly plug and play.
9.) Sign Ty Law. He can play either CB or FS for us. Even if short term he is a CB, he would move to FS when Harrison retired next year (which is likely). Law has talked about going the Rod Woodson route and try to be a top FS when his CB skills started to erode. Personally I would like to see him starting at FS right away because Harrison really shouldn't be a full time starter anymore and can be far more effective in situation since he can be a liability in coverage these days. A four man rotation of Harrison, Law, Sanders, and Meriweather could be dangerous.
10.) I think the focus of our draft should be defense. We are young and solid everywhere on the starting offensive side except for WR (assuming Jackson never emerges) and RT. With the plug and play nature of the o-line in the past, I wouldn't spend a high pick on an o-lineman. We do need to be concerned about replacing Moss in a couple of years assuming he resigns, but not a pressing need. Other than the d-line, I don't think we are set on defense with any position past 2008 or 2009 and we can certainly upgrade the secondary.
Ok, I know doing all of these would be impossible. But some would be nice.