I would dump all free agents and work solely on procuring offensive and defensive linemen in free agency. Then in the first round I'd draft a running back, followed up by two offensive linemen (RT and RG), then project pass rushing specialists, and then in the sixth and seventh rounds cornerbacks. I would make the focus of the team the running game and the trenches.
I would do this solely to piss off MoW.

No, no, I joke, I kid, but in general terms, I would let all our free agents walk if we cannot sign them reasonably. I'd also like to see them get Lichtensteiger and then draft a right tackle in the third somewhere. I'd go WR 1st, DE 2nd - or swap those depending on the board. I'd consider replacing Carpenter as well, and even Fields (even though I like him a lot). I'm thinking if I'm handed the team, I blow it up, keep a couple key pieces, build around Tannehill with one major free agent, perhaps Jennings, although if I'm blowing it up, I may not worry about a big name this season.
Essentially, I don't think the core of the team is very good. So if I were REALLY GM, I'd go for a full-on rebuild. This season you get a mix of playmakers and core guys in the draft, getting ABILITY HIGH and VALUE LOW, something we have had backwards in our philosophy (but not so much in the execution department).
I think we're currently about 6 players away from being a playoff team, but not a winning playoff team. I think we're 20 or more players away from being a Super Bowl team. We're currently stocked with meh and a few gems. We need half a dozen gems and a bunch of wow, and very little meh.
Those, of course, are technical terms

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So, my final analysis is, we can become a playoff team that's okay but doesn't win it all and eventually has to rebuild anyway, or blow the mutha up now and put it back together the right way. This should have been done at least 3 years ago, and this season should be about winning. Instead we're filling holes and hoping for the best.