This is what I think the roster should look like on July 1st, heading into the free agency season.
1. Koufos
2. WCS
3. Papagiannis
4. Labissiere
5. Tolliver
6. Temple
7. Hield
8. Richardson
9. Bogdanovic
10. Galloway
11. 8th pick in the draft
12. 10th pick in the draft
There are a couple of unknowns there in Bogdanovic and Galloway. I feel pretty confident about Bogdanovic being here. My guess is the Galloway opt's in, but who knows for sure.
With Gay opting out, the Kings could have as much as $55,279,900.00 in cap space. That's assuming that they buyout Afflalo and let McLemore walk. The problem will be how do you spend that money on three roster spots. Nice problem to have. Of course if Galloway opt's out, then we have four roster spots. Plus, the Kings could also buyout Tolliver, which would give them additional cap space and another roster spot.
In general, the Kings are sitting in very good position for a rebuilding team. They already have some nice young talent on the team. They have the ability to add to that talent through the draft this year, and they have tons of cap space available. The trick now is use that money intelligently with the future in mind. Plan for 5 or 6 years down the road. The Lakers were in a similar situation a year ago, and then went out and spent a ton of money, over paying Mozgov and Deng on long term contracts. They did exactly what you shouldn't do, and they've lost most of their cap flexibility. Couldn't happen to a nicer team.
In short, the Kings need to draft wisely, spend wisely, and be patient. If the player your looking for isn't there, or won't sign, then don't settle for second best, especially on a long term contract. Do more contracts like the Afflalo and Tolliver contracts. Plug the holes temporally and don't tie up money long term. Forget about winning now, and build something that will win for years to come. AKA the Spurs, Warriors, and perhaps the Jazz. To coin a phrase, "Build it, and they will come".