As a starting point I think you have to go with Spriggs and Jones development addressing the RT and ILB needs and King and Randall at corner. Are we writing off Rollins? I think that's fair, especially with the Achilles injury on top of all the others while development progress has been questionable. There's a lot of investment in these players that needs to be taken to the next step. Otherwise, there are just not enough picks and not enough cap to get the job done.
Again, I think you have to take a two year view which means looking at age and high pay at the WR and OLB positions.
Renegotiations, blah, blah, blah. That's a demotion which makes nobody happy and implies a reduction in snaps. Few players are going to agree if it means they still have a primary role, and if they go to a complimentary role you're still looking for that playmaker. Of course you can always extend aging players with declining performance out 3 years, give him the nice signing bonus, and push the cap consequence out a year or two. That's just foolish.
Frankly, rather than renegotiating both Nelson and Cobb, I'd prefer cutting both, paying Jarvis Landry the money to play slot, and draft a wideout in the top 2 rounds. Of course that's not going to happen, but it goes to illustrate a point.
Let Matthews play out his deal, and use the other of the top two picks at OLB. There's some cap space left over to look at RG possibilities if they don't see McCray at the stage of development that they saw in Taylor or to bring back House or sign a TE . Third round for a developmental CB.
Rome was not built in a day or even a year.