I totally agree. I think on the Offensive side, you have to keep Walker and Dockery, for monetary reasons at least. Definitely keep Butler and Chambers. As far as Peters goes, I wouldn't pay him a damn cent over what he's making now. He's been flat out awful and that in part is due to his own greed. If he threatens to hold out again, show him the door and then kick him through it.
For the defense - cut Denney and Kelsey as they have done nothing. And I would even cut Schobel, who you could argure is on the downside of his career. Pick up a couple of guys via free agency.