With 5 picks in the top 100 in this years draft and over $40 million to spend in free agency, this is an important off-season for the Dolphins as it will shape the team for the next 5+ years. This would be my ideal off-season and draft.

First off, I think the Dolphins should use the franchise tag on Jake Long. The cap hit for franchising Long is $9.6 million. This would give the Dolphins 1 year to groom a rookie tackle for a year, or if Long stays healthy and reverts back to anything near his previous all-pro form, the Dolphins can give him an extension next off-season. I would try to re-sign Hartline foe 3 years @ $15 Million. If Hartline wants more than that, I would let him walk. I think the most important free agent is safety Chris Clemons. Re-sign Clemons for 4 years @ $16 million.
I would let the other free agents go. I think Sean Smith will cost too much for his production. I would consider re-signing Randy Starks if the price was low enough, but I like the idea of moving Jared Odrick back inside to DT. All other free agents are replaceable.
Free Agents

WR Mike Wallace 5 years/$45 million with $24 million guaranteed
TE Fred Davis 3 years/$12 million
OG Andy Levitre 5 years/$35 million
LB Dannell Ellerbe 3 years/$15
QB Troy Smith 2 years/$6 million
CB Leodis McKelvin 3 years/$12 million

1. DE Dion Jordan- Oregon
Demontre Moore is my favorite DE in the draft but I doubt he falls to #12. Jarvis Jones from Georgia is a similar alternative to Jordon here. If Miliner somehow drops here, I take him and address pass rush on day 2. Until very recently, I've wanted to take a WR here, but I think there is so much depth that we can look at 1 or more on day 2.

2A. CB Jordan Poyer- Oregon State

2B. WR Terrence William- Baylor

3A. DT Benny Logan- LSU

3B. OT/OG Dallas Thomas- Tennessee

4. WR Kenny Stills- Oklahoma

5. RB Marcus Lattimore- South Carolina

7. DT Corey Grissom- South Florida

7. S JJ Wilcox- GA Southern

Let me know what you think.