Miami has 30 million of cap space, an aggressive owner and an aggressive GM. Hickey (under Dominick) wasn't afraid to make a splash. It would not shock me one bit if there was a trade for a player we never saw coming (think Brandon Marshall to the Bears or the Bucs overspending to get Revis). This would be my approach based on who I think will realistically be available, fits a need, and is affordable:
Re-sign = Brent Grimes CB, Paul Soliai DT
I'd also consider Bryant McKinnie if my LT options sign elsewhere
Sign = Anthony Collins LT, Jon Asamoah G, Legarrette Blount HB
I'd also consider Wade Smith G, and Ronnie Brown HB as fallback options. Collins is great because of age but I'd also look at Branden Albert. I just expect someone else to REALLY overpay for him. Asamoah is that young, proven guard Miami needs. Smith is proven, his OL coach is in Miami and he's cheaper than other veteran options. Blount can help Miami get tough yards and shorten up those third down situations. He and Hickey are familiar with each other as well. Ronnie Brown doesn't offer the power back option but fills a big 3rd down back need should Miami roll with Lamar Miller or draft a guy.
I think making these moves will free Miami up to take BPA in the draft. I know JP is high on Miami getting a TE at 19, and other guys have talked about CJ Mosely at MLB if available. Those become options if you don't HAVE to take LT for need.
I expect Jonathan Martin and Daniel Thomas to be immediate cap casualties.
I like what you have put together Dan. I would also look at Alex Mack at center right now because I am not quite sure what is going on with Mike Pouncey. He is involved with the mess with Incognito and also possibly with Aaron Hernandez.
Brent Grimes and Paul Soliai would be the guys I re-sign also and would ask Dmitri Patterson to take a pay cut or let him go.