First off, Suggs should not be on this list. It's disrespectful to imply that the Ravens would cut an all-time Ravens great who is still performing at a high level to save a paltry $1mil. (which really isn't $1mil since you have to spend money to replace the position)
Jettison Arrington and Dumervil. Cut Webb with plans to resign him after he 'tests' the market and isn't offered half of what he's set to earn next year. Keep Lewis as insurance if Webb isn't back and then cut Lewis if Webb comes back. Have Watson and Pitta compete and then cut the loser of that competition after
June 1.
Keep Wallace. Keep Zuttah unless a C can be found and waive him after June 1 if the position is upgraded. I can't speak to Shareece Wright but my sense is he should be kept. He seems to play a lot better when Jimmy Smith is playing at the other corner, but what do I know.