Whoever the new GM is needs to do what Jimmy Johnson did after Shula mortgaged the future with free agents. Cut Ellerbe, Wheeler, Wallace, and anyone else who is not a fit and makes too much money. In a perfect world, I'd rather restructure Wallace to a humble contract but I doubt his ego will agree with him. Take your lumps up front with salary cap hell and move forward.
I'd be willing to keep Wallace as I do feel he'd do better in a system that moved him around (even in Pittsburgh his hands weren't great). I'd also willing to be talked into giving Ellerbe another chance. Sure he misses tackles but he's in good position quite a bit in the run game. Wheeler can **** off for all I care