Here's a 25-man squad that came out of a poll I made on another forum
1. New 1st Choice Keeper
2. Brad Friedel
3. New Backup Keeper
4. Kyle Walker
5. Kyle Naughton
6. Benoit Assou-Ekotto
7. Danny Rose
8. New 1st Choice Central Defender
9. Younes Kaboul
10. Michael Dawson
11. William Gallas
12. Ledley King
+ Steven Caulker
13. Gareth Bale
+ Andros Townsend
14. Aaron Lennon
15. New Backup Wide Midfielder
16. Luka Modric
17. Tom Huddlestone
18. New Backup Central Midfielder
19. Sandro Ranieri
20. Scott Parker
21. Jake Livermore
22. New 1st Choice Forward
23. New 1st Choice Forward
24. Rafael Van der Vaart
25. Yago Falque
Sold/Relased: Gomes, Alnwick, Nelsen, Bentley, Jenas, Dos Santos, Saha
Cudicini, Corluka, Kranjcar, Pienaar, Adebayor and Defoe didn't make the cut for the 25 man squad.
1st bolded; unnecessary, I'd argue, given that we could either extend Cudicini's contract or promote Button. Friedel as back-up keeper, I'm not too sure about either, but I can see where you're coming from so I won't cavil too much. But consider that he's been consistent far longer than anyone's expected him to be, and there's no reason that can't continue. Also, doesn't he deserve a shot at CL football, if we (hopefully) make it?
2nd bolded; again, rather unnecessary. Luka and Hudd are fine as our creative mids, and with Sandro, Scotty and Jake, I think the other position's taken as well. Hell, a midfield of Luka, Hudd and Sandro would be a sight to see. Plus, Rafa isn't really a forward with all the tracking back he does. He could just fill in as a CM, it's where he spends the most time in games. So that's another CM, giving us a total of six. Good enough.
3rd bolded; wut? the lad's barely featured since moving to Southampton. Nigel Adkins clearly doesn't rate him. So why on earth would he be good enough for the fourth forward position? Pienaar would do a better job there.
Otherwise, pretty much agree with your list of sales and releases, with the slight addendum that since Naughton can cover both full-back positions and Gallas and hopefully Vertonghen can both play at left-back, perhaps letting Danny go wouldn't be the worst idea. He'd be worth quite a bit, after all, what with him having pace, PL experience and an occasional screamer in him. Maybe 5-6 mill?