I think you have 2 options...
1. Let Ellis walk, let Redick walk, make Jennings a firm 4/40M offer or less, draft a wing (or PG), and go with the core of Henson, Sanders, Jennings, and the draft pick. I'd peddle Moute for something. Go young. Kind of like when the GP deal backfired, go young & cheap like the next season (Terry Porter's first year).
2. Trade Ellis if he opts in or let him walk. Sign Jennings, make huge push for Josh Smith, re-sign Dunleavy, sign Redick, and trade anybody if you need cap room. And get a win now team. Try to go with Jennings, Redick, Smith, Ersan, Sanders.
Just pick a solid direction. We should have money to spend.
Bring Back Big Dog.