OK, here's some perspectives with back-of-the-envelope salary cap math (not using my kids' new common core curriculum, which would result in every answer being "42").
Paying LT money for an OG is silly...the Ravens were wise to let KO walk. As for Wagner, Juice and Williams, the Ravens could "afford" to pay to keep all three, but the opportunity cost would be an inability to sign players for depth at other positions (ILB, OG, C, WR, DB/FS). The Ravens currently have about $15M in cap space. Assuming they make a reasonable set of cuts (Watson/Pitta, Doom, Wright, Lewis, maybe Webb, Zuttah, etc.) that would push the number up to about $25M net of dead money.
Ozzie wisely likes to plug holes in the roster in free agency ahead of the draft. The market price to keep Wager (est. $7M), Williams ($11M - your estimate) and Juice (est. $2.5M) would be over $20M. That would leave a scant $5M to plug holes at RT/G (depending on where you slot Alex Lewis), center ($1.5M), ILB ($1M), CB ($2M), Edge ($4M) and FS ($1.5M). Also, don't forget that we will need to sign a backup QB ($2M). That's about $12M in needs.
If you believe in Alex Lewis at RT, and Pierce at NG, and that finding quality blocking FB (albeit without Juice's ability to catch the 3-yarder in the flat route) is fairly easy, the Ravens should invest the bulk of their notional $25M cap space in an edge rusher, defensive backfield, ILB and interior O-Line (in that order) in my opinion. Pay for playmaker positions, and fill-in/draft/develop the rest. RT, NG, and FB aren't playmaker positions. Besides, we'll get comp picks to replenish those guys that were drafted in the mid rounds anyway.