In answer to the original question and assuming the financial situation is as dire as many believe I think we will release ALL the out of contract players - although I do hope we can find the money to make offers to Jake Taylor, Ugwu and Hector.
I think we will be forced to sell our saleable assets McCarthy (5M), McCleary (3M), Gunter (2M) and ALF (2M) - assuming there are any takers. I very much doubt we will be able to offload Pog or Drenthe. Nor will there be takers for the likes of Akpan, Blackman and HRK (who are better than many here say and we could be relying on as mainstays of the first team next season). The one I would be very sad to see go would be Obita and so I am hoping we retain him or at least hold out for a very large (club record) fee.
I think that we have to accept that there will only be one or two inward signings at best and that we will largely rely on the Academy to fill the gaps.
So I expect the squad next season to be something like -
Goalkeepers - Fed, Andersen and Henly
Defenders - Obita, Cummings, Kelly, Pearce, Morrison, Hector plus Academy youngsters
CM - Williams, Guthrie, J.Taylor, Karacan, Akpan
WM - HRK, Drenthe, Blackman plus Academy youngsters
Attack Pog, Samuel and Ugwu plus maybe our sole inward signing.
I think we will be in a relegation fight next season - but only time will tell. The only positive is that many other Championship squads will also be weaker next season as FFP starts to kick in. For example if QPR fail to go up one can only see a car crash.