For the people here that don't know me well, I have been playing competitive ice hockey since I was 5 years old. During two of the 14 years I have been playing I was lucky enough to play with Charlie Wilson, Doug's youngest son, so as a result know the Wilson family very well. My point being, knowing Doug on a personal level and as the GM of the sharks, is he never seems to disappoint. He turned the team around when he ripped off Boston to get Joe and has been a pretty good GM since. So I am going to side with TCY on this one, he might be waiting it out. Might is a key word because all the valued UFAs seem to be vanishing off the list to other teams, The Monster being the latest(Toronto). But here is what I would do if I were Doug Wilson.

First off, Marleau(6.3), Michalek(4.3), Cheechoo(3.0), Erhoff(3.1), Murray(2.5), Lukowich(1.75), Shelley(.725), and Nabokov(5.4) Cap hits combined is a whopping 26.9 million and the Sharks currently have something like 1.22 Mill. left I believe(please correct me if I am wrong). Thats a whole crapload of cap space. Now assuming that Dany Heatly is still on the block(and yes, I know this is a longshot) I would gladly give up Cheechoo, Michalek, and any one of Murray, Erhoff or Lukowich for Dany Heatly. Lets be honest the guy is good and he will shine with a center like JoeT and the sharks could really really REALLY use two one hundred point scorers. Giving away those three players is over 8.4 Mill at least no matter which of the three D-men we give up(8.4 being the lowest). Best case scenario would be to deal that awesome defensive D-man we all love, Christian Erhoff at a relatively large 3 mill. dollar cap hit. This would actually relieve us of 10.5 million (I don't know what Ottawa's cap hit is and if it will allow this) while bringing in Dany Heatly's 7.25 million dollar cap hit. This would give us gives about 4.5 million left on our cap, giving us enough room to sign mitchell(which has to happen). But we also gave up two foward spots and got back only one meaning a few players from the minors would have to come up and join the team...Here are my foward lines. Left, Center, Right.

1. Heatly   Thornton   Setoguchi
2. Marleau   Pavelski   Clowe
3. McGinn   Couture   Mitchell
4. Shelley   Roenick    Staubitz

The fourth line is assuming of course, that JR returns for another final campaign and we pay him well under 1 mill. Now, that is a pretty solid lineup, good 1st two line, the third line has a lot of potential and that checking line would be able to compete well enough. 
Now, best circumstances would have been to unload Nabby's contract for a second rounder at least probably a first and sign the monster and give him the shot of a lifetime to carry a team and live up to expectations. But, since he has already signed with Toronto this can no longer happen because I don't trust Greiss and I doubt any of you do either so Nabby stays obviously. this leaves us with about 3.8 mill. left on the cap if we sign Roenick(which of course, depends on his cap hit). Meaning in the 3.8 we have to sign Staubitz in order to fill my foward lines up which will happen I am assuming and sign Griess for our backup(which may have already happened?). Defense is pretty well taken care of. Here are my six, not in any order

1. Boyle   Vlasic
2. Blake   (any one of above three)
3. (any one of above three)  Huskins, Joslin, Semenov, whoever maybe a third line D. Whatever

Ok. Not a bad defensive corps either. Can definitely compete with all the top D pairs in the league and since most of our D-men are signed we don't have to worry about Cap room.
If Doug were to do this it pretty much takes care of cap issues, especially if he were to deal someone like Erhoff in the Heatly deal I mentioned earlier, which I think would have to happen in order to bring up McGinn and Couture permanently. Otherwise we are still screwed.
Go Sharks!