As far as the draft i think the biggest needs are NT, ILB, FS and LT. I'd go with this or a variation of it.
1. NT Loius Nix
2. LB Arthur Brown
3. FS Baccari Rambo
4. OT Ricky Wagner
Fill out the rest of the draft with BPA and trying to get more athletic on defense in the front 7.
With regards to the cap i think cutting Mcclain and Birk, approaching Boldin about a pay cut, and restructing and extending Jacoby(stealing wicked's idea lol) would be the way to go. The bigger elephant in the room would be Ray Lewis, obviously his play wont be worth a 7.3 cap number but when he comes back can he play well enough that when you add that to the intangible could the Ravens foot the bill one more season? yet to be determined.
I'd try to resign Kruger at the right price, resign Ellerbe and at this point i think i'd let Ed walk unless he's willing to take significantly less then what he's used to making and honestly i think this is a prime year to get a good FS prospect to replace him such as Rambo.
However, big time Golden Domer fans don't think he'll come out this year since he is a RS Sophomore. Probably next year.
However, I'd like to direct everyone's attention to Kapron Lewis-Moore. He is ND's 3-4 DE. He isn't an incredible player, but he's a solid contributor as a 5-tech DE and is a good player against the run. He's got good size (6'4" 305lbs) and plays with good technique. Because he isn't a physical specimen, I'd be surprised if he went before the 2nd round, so he might be a good guy to look at in rounds 3 and 4. He is also highly intelligent, a hard worker, and a great locker room guy.
I also really like Kevin Minter. That dude is ferocious.
I think Tavon Austin would be a great talent to have in Baltimore. He's a Welker type with a lot more athleticism. He'd be a great guy to stick in the slot and absolutely burn any LB that happens to be put on him. I know the team has put a lot into the WR position but considering Boldin may be cut if he won't take a pay-cut, they might be in the market for a 3rd WR.
He also would be a good value in the 2nd or 3rd round.
Regarding Hankins - I too like him, but there is no way the Ravens would have a shot at him. He's going to be a top 10 pick. Jon Jenkins out of Georgia is a possibility.
However, I really think that the Ravens are either going to go for Ogletree, Mosley, or an offensive lineman like Barrett Jones, Jon Cooper, or Chance Warmack in round 1.
I love Tavon Austin, it's just the more i see this defense i dont think we would be able to justify picking him as high as we'd have to pick him to get him. I'd love a slot guy like him though, i've been meaning to research to see if there are any later round gadget type guys available. Those guys are drive extender i.e. Andrew Hawkins w/the Bengals.
Stedman Bailey might be an interesting choice in the 3rd or 4th rounds.