Update 7/29: I added Pargo's cap value and actual contract (FTW?), changed Lee's contract a little by implementing a 10.5% annual salary increase, and made Tolliver's contract a 2 year minimum, while cutting Devean George who is a class act and a consummate professional.

Preface: Jannero Pargo earns $1,146,337, and $1,265,976 during his 2 yr contract, but according to the current CBA only the value of a 2yr minimum salaried player is counted against the cap and payed for by the team. The rest of the player's salary is subsidized by the league, so I have the applicable amount in the spreadsheet below. David Lee and Dorell Wright's contract values are based on their contracts equaling 80 and 11 million respectively (the media is reporting numbers just under those, but I'm staying simple) and assuming the maximum salary increase of 8% per season for players signed to new teams, and 10.5% with the same team whether they are traded or not (again simple speculation, if it's less than 8% or 10.5% then the cap number will increase a little bit for the first few years, compared to what I posted, which is not ideal if you're thinking about next year's cap space). I assumed that the Warriors will sign Tolliver to a two year contract based on recent news reports. I would assume that all this talk about the Warriors increasing their offer to Tolliver had to do with a second year and/or more guaranteed money and not offering more than the minimum contract values for a player with a single year of experience. Also, the non-speculated info is taken from hoopsworld.com's team salaries. 

Note: You cannot combine exceptions and the 48 million dollar cap number is dependent on the Warriors renouncing the exception/restricted rights to all expiring contracts (including B.Wright)

Personal Thoughts: Although Tolliver and Pargo aren't the best available players, they do preserve next year's flexible salary cap situation as well as being competent players who, in Tolliver's case, are familiar with the team. Also, there is still a little room to sign one more player with some of the exception money or simply another minimum contract. If Morrow and CJ had been resigned then next years cap number would increase by about 7 million. So whether you like it or not that was probably the primary rationale for letting them go in sign and trades.

I will re-post when official numbers are available. Until then, consider this a rough estimate.

I wanted to see who my fellow Saints fans would prefer to have drafted. I only included the players that in my opinion will be around and should be seriously considered. An obvious omission is Sean Weatherspoon. But, I am convinced that he won't be around plus he would probably get a ton of votes and tell us less about everyone's feelings towards the other guys.
Personally I am a bit torn between Price and Hughes, but I think I'd go with Brian Price.

Some scouting reports from one of the many great draft sites: WalterFootball.com

Jerry Hughes

Brian Price

Daryl Washington

Everson Griffen

Carlos Dunlap

Also I would appreciate it if the more experienced CSC members would comment about their selections ( ie stujo, mtnexile, hansdat, coldpizza, saintsational (dave cariello is ghey), etc.