Well it looks like Utah doesn't have the firepower to make the playoffs and we won't have a pick in the draft.
2012-13 salary cap: approx. $58 million
Wolves payroll: $59.6 million committed to 11 players.
This number can be reduced to $50.2 million if/when Webster & Brad Miller are cut. That leaves us with approximately $8 million in cap room. I'm not even going to go into the "what if" scenario of using the amnesty on Darko, because I think Glen Taylor is too much of a cheapwad to do it. Simple mistakes by Kahn are really hurting us here, such as picking up Wayne Ellington's option. If he hadn't done that, we'd have an additional $2 million in cap space.
There are two different routes the team can take this offseason.
Route #1: Roll the Dice in Free Agency
This is the path they will most likely choose. There are not too many guys out there that fit with the age and make up of our team. Any big money signing is almost guaranteed to be a SG or SF, so that further decreases the pool of available players.
Out of our Price Range
-Eric Gordon: no chance
-Nic Batum: at $8 mil per year, Portland is about 99.9% likely to match
Obtainable Restricted Free Agents
-OJ Mayo: Nobody knows what Memphis would be willing to pay to keep Mayo. Would $8 million be able to get him? I think it could. The downside is that going after Mayo would tie up all of our cap space until Memphis decided whether to match the offer or not.
-Courtney Lee: last I saw was that the Rockets were more interested in keeping Lee and trying to trade Kevin Martin, so they would probably match a fair offer.
-Brandon Rush: Ditto for him. A modest offer would most likely be matched by Golden State, and we wouldn't want to overpay these guys because they aren't big enough difference makers.
Marginal Upgrades
-Jamal Crawford
-JR Smith
-Nick Young
-Shannon Brown
-Carlos Delfino
-Marco Belinelli
As you can see, it's slim pickings in free agency this year. The other guys who are available worth getting would never come here (Ray Allen, Jason Terry).
The good big men out there are all restricted free agents and aren't realistic targets. That should be the least of our concerns anyways.
There are some good players at PG available, but I don't see it as a priority. But considering Kahn's history, he will probably sign another PG to a 4 year deal and do nothing else.
Also keep in mind that if we go the free agency route, the rights to Beasley, Tolliver, and Randolph must be renounced to rid ourselves of their cap holds. Beas & AR probably wouldn't have been back anyways, but Tolliver quite possibly would be back on a cheap contract. Renouncing his rights means he would not be re-signed at all.
Route #2: Make a Trade
This is looking more and more like the smart move to make if we want this team to be a real playoff threat next season. It is much less likely to happen because Kahn lacks creativity and talent as a GM and Glen Taylor loves cap space like rednecks love pickup trucks with a Confederate flag in the back window.
There are a plethora of different things we could do here. Our main assets here are:
-Derrick Williams: our single best trade asset not named Love/Rubio/Pek
-Webster & Miller: $9 million of instant savings would appeal to a lot of teams
-JJ Barea: could appeal to a team in need of a PG and/or playoff teams and I would rather keep Ridnour
-Utah & Memphis pick: not overly valuable by themselves, but can be used to complete trades
When you look at them individually, they're not too impressive but when you start combining things together, that's when it gets interesting.
One possibility is trading for Andre Igoudala. Things in Philly aren't as feel good as they were in the beginning of the season. They have dropped to 7th place in the East and there is friction between Doug Collins and some of the players.
I think this will be the year they do a mini-rebuild like Portland is doing and try to get younger. They already have some good young players like Holiday, Turner, Young, and Vucevic. Then there is Lou Williams, Jodie Meeks, and Spencer Hawes who can all become free agents, so I think freeing up some money would be very appealing to them.
We could do D-Will + Miller/Webster for Iggy, or D-Will + Miller/Webster + Ellington, or D-Will + Miller/Webster + Darko. The possibilities are endless.
There are tons of other trades that can be made. You could combine all our assets into one huge super trade or do a small trade as well. For instance with a team looking to shed salaries like the Nets, we could do Webster & Utah/Memphis pick for Anthony Morrow and Johan Petro. Or something along those lines.
The best part about making a trade is that we can still upgrade through free agency. Let's say we trade D-Will, Webster, and Wayne Ellington for Igoudala. We then cut Brad Miller. That would leave us at about $57.5 million committed to 9 players. Under this option, we would then be able to re-sign Tolliver, and being over the cap, would have the exceptions available to us. Mid-level, the new mini Mid-level, etc. So not only can we get a significant upgrade at wing with a player like Iggy, we'd also be able to a SG such as Jamal Crawford or Shannon Brown. As a guy of this caliber wouldn't use up the full mid-level exception, we'd still have money to pick up a 3rd PG and some more depth at PF/C and have something we haven't had in a long, long time: a balanced roster.
PG: Rubio, Ridnour
SG: FA, Barea, Lee
SF: (Iggy or other trade target), Wes
PF: Love, Tolliver
C: Pek, Darko
There are a ton of decent bargain bench players out there, so finding depth at PG, wing, and PF/C should be no problem. Any remaining roster spots can be filled by our 2nd round pick and/or minimum salary guys. Sadly I think something like this is way beyond Kahn's capabilities.

We can only hope that Glen has second thoughs about re-upping Kahn's contract and either Adelman is making the decisions, or they hire someone who knows what he's doing.