You NEED AT LEAST two players in every position.
2 Goalkeepers... Dudek and Kirkland
2 right backs... Finnan and Carrahger
2 left backs... Riise and Vignal
4 centre backs... Henchoz, Hyypia, Traore and ??
2 right sided midfielders... Murphy and ??
2 left sided midfielders... Kewell and Smicer
4 Centre mids... Gerrard, Hamann, Welsh, Le Tallec
4 Strikers... Owen, Pongolle, Baros and Cisse??
Cheyrou i would keep to give him more of a chance to prove himself but he'd only get one more season.
The rest who aren't in the list should leave.
The question marks to be filled in. I'd like Malbranque and Cisse... would have liked Boumsong. Don't know any other that are available and good enough.