If I was the owner the one person that I'd want to stay is McGhee.
Porter, Hughes, Smith and Malcolm would be told that they had until the 31st December to sign a new deal. If they don't, I'd take the best offers for them during the January transfer window.
McGhee would then get this cash and the wages that have been freed up to get new players in. It's unlikely to be freebies as it's January. The only problem with this is that it means that we may pay slightly over the odds to get someone in. I'd also be asking what players he is looking for in July. Bearing in mind that some of these players may be out of contract then and if a pre contract is signed it might be easier to deal with their clubs for a January move.
If no bids came in then funds would have to be found to allow loan moves, first one would have to be Lappin. Possibly one or two permanent signings.