I'm a bit more hard-core than you guys. I compare every player on this team, per position, to the rest of the league and see how they stack up. My list of players (starters only) I would keep is as follows:
1. Fred Jackson
2. Jarius Byrd
3. Brian Moorman
4. Rian Lindell
Players I'd keep as depth:
1. Andy Levitre
2. Eric Wood (if he can still play)
3. Kyle Williams
4. Reggie Corner
Players I'd put on the practice squad:
1. Aaron Maybin (who should be an OLB in a 3-4, IMHO)
2. Shawn Nelson
3. Jonathan Stupar
The rest of the team would be traded or cut. My reasoning is as follows:
My starters consistently show me something every week. My depth players either have great potential, are diligent, or have not been contaminated by this culture of losing.
The remaining players on the roster are either too used to losing (see Lee Evans), just don't have it (see Chris Kelsay), are dogging it (see Marshawn Lynch), are injury-prone (see Paul Posluszny), or are past their prime (see Marcus Stroud).
Anyways, that's my two cents.