As my comment on ROC's post suggests, the single biggest impact player that could be available in free agency this year is Julius Peppers.  (I'll hear the Haynesworth argument, but we need an end more)

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Julius Peppers is one of the best pass-rushers in the game, and he is no slouch in the run game either.  He has played on some of the NFL's best defenses in his career, and he is just now coming into his prime (Remember he left North Carolina early and even led us to draft Ryan Sims, who coincidentally just played next to Peppers and was not a good football player).  He would at least double this team's sack total, and with a more aggressive defensive scheme could be VERY effective (I think the cover-2 will leave us when Herm leaves us...).

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Further, our pass rush and defense could be greatly improved by our first draft slot, at either the end position or at linebacker.  At the first pick, I suggest we take Orakpo from Texas.  WITH Julius Peppers, we could have a NY Giants pass-rush situation, which could build LONG-TERM success.  Even without signing Peppers, Orakpo is an impact player and would be the best addition to our team.

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If we sign an end before the draft or feel linebacker is a bigger need, there is one linebacker worthy of such a high pick, USC's Rey Mauluga.  He plays MLB at USC and by most accounts is a free-lancing aggressive linebacker that seeks to severely injure opponents with every tackle.  He is good in coverage and good in blitz packages.  Some have floated Ray Lewis comparisons when mentioning Mauluga, while others, including some in the Chiefs organization, feel he may be better suited at OLB.  In any event, he is the ONLY linebacker worthy of top-5 consideration.  James Lauriniatis reminds me of Andy Katzenmoyer instead of AJ Hawk, and I don't think we want to invest a high pick relying on the best defensive player out of the worst of the major conferences in college football.

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Undoubtedly, some will want to draft a franchise QB with our top pick, and there are some guys with great arms available.  Matt Stafford and Sam Bradford are the premier names available, while others are sure to impress at the combine, such as Josh Freeman, Graham Harrell, Matt Sanchez, and others.  But overall, Bradford seems to be the only one worthy of a top-5 pick of this bunch, AND he is the youngest.  But he may not even declare for the NFL draft, and if he stays at OU, we should avoid drafting a QB at all costs.

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Here's why....

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Someone had to bring this up.  But watching Tyler Thigpen in this spread offense and the damage he can do with his legs, it is obvious that the spread can work with this type of quarterback.  Michael Vick never got a chance in Atlanta to run anything other than a traditional NFL offense.  This offense is ideal for him.  If you think Thigpen is a great runner, you need to watch a Michael Vick highlight reel to put that in perspective.  If you think Thigpen has a strong arm, again...see Vick video.  While Thigpen's accuracy has been an issue, Vick's was less of an issue.  For those who are against signing him for moral reasons, I understand.  But he likely will not command a ton of interest or an incredibly expensive contract.  He is a cheaper option than drafting a franchise QB, and he happens to be the ideal fit for this type of spread offense.  Furthermore, every running back he has played with has gained over a yard per carry while playing with Vick.  Teams MUST spy him, often leaving a safety or linebacker unable to help in the running game.  Mediocre to poor backs such as an old Warrick Dunn, TJ Duckett, and Jamal Anderson have done VERY well when Vick is the quarterback.  Imagine what Larry Johnson could do...

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Not what Vick and Larry could do off the field....

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With these moves, we would still be well under the cap, may find other starters at OL or LB in the draft or free agency.  We would be in competition.  Do I have confidence that this will happen?  No, not really.  But I have a very good idea that it would succeed.