PG - Brandon Jennings
SG - John Salmons/Michael Redd/Chris Douglas-Roberts
SF - Corey Maggette/Carlos Delfino/Darington Hobson
PF - Ersan Ilyasova/Luc Richard Mbah a Moute
C - Andrew Bogut/Drew Gooden/Larry Sanders/Tiny Gallon
and the bird rights to Luke Ridnour (they can convince him to sign with the right pieces and money)
Thats really not a bad team, not considering the contracts. Looks like Kohl is finally willing to spend. If they can trade Redd somewhere for another nice player, they could get closer to contending.
If Cleveland misses on LeBron, they might be willing to trade Varejao and Jamison for cap space. It could cost the Bucks more than Redd (say Sanders and Mbah a Moute), but depth isn't a problem and their frontcourt would be set even if they traded their young players.
Since Indiana took Paul George, Danny Granger could be had at the right price. Maybe Redd, Ilyasova, and Delfino for Granger and Murphy. Throw in Sanders or LRMAM if need be. Indiana would then have a ton of cap room for 2011. Milwaukee would have the closest thing they can get to a star scorer (Granger) and contender potential if Jennings continues to blossom.
Redd and a similar package for Al Jefferson and Martell Webster would also work. Minnesota would then have another chance at a big FA in 2011.
It might take more than one deal, but Milwaukee has some pieces to make something happen. They can't afford to let Redd's contract go to waste - especially after spending the money the already have - they need to use it to bring in more talent. Letting it expire would be a waste - Bucks aren't convincing any top guys to sign with them.