I think Wallace will be asked to re-work his deal in some way. However, if you can land a Britt or a Marshall I'd have no issue parting ways with him. Honestly i think right now I'd go hard after Robert Woods who's only 25 and is cut from the same mold as Dmase, Boldin and Sr as a strong possession WR who can make big plays and also physical in the run game. I think he could be a bargain FA with a huge impact because he's entering his prime. So if the Ravens upgrade the WR position in FA, I would have no issue seeing Wallace walk. I don't worry about having a 30+ year old veteran at WR because Flacco is a veteran. But if that 30+ WR is needed, I'd bring back Q for one year and allow him to retire here.
Not sure how much money will be saved, but the guys I see cut are Doom, Pitta, Watson, Zuttah, Arrington, Lewis and Wright. I think Webb will be asked to restructure, take a pay cut or be released. I think those guys combine would free up like 20Mil give or take a couple million.
So if i'm making the decisions, which i'm clearly not lol, I would make those cuts and rely on younger guys to step up. I have faith in the 4 young TEs we have and the CB position needs to be upgraded anyway. So Pitta, Watson, Arrington, Lewis and Wright shouldn't be hard to replace imo. I had the Ravens taking Dalvin Cook at 16, but now I have Derek Barnett being selected and immediately taking over for Doom. I just think the Ravens will place value on continuing to build the offensive and defensive lines.