You're right, we can't afford a whole new 11, at least not 11 that would be better than we have. We'll need to keep probably half a dozen or so of today's starters but it's absolutely vital that the players we bring in are 1st picks and much better than what's already there.
It may be the case that some of those that we want to leave and can't find new clubs will dig their heels in and force us to keep them so it's probably worth parting with the cash to pay them off.