I would re-visit the Conley trade. My theory has been that DM is a point guard long term. I think that is ideally where we'd play him with the right 2 or 3... we just need playmaking and defense and Conley can do that. DM has been great post AS break on catch and shoot 3s and was good last year. I think Conley may be the best high end player we could get with our "space" (opt in to Favs deal and then trade him) and 1st rounder. It sucks because he is not a big long term piece, but the NBA is different now and windows are tighter imo. So Favs/Exum 1st for Conley (send Bradley too if you need to).
If you can do a Conley deal prior to FA you now have your full MLE you can work with and BAE. You may be able to get Conley and Danny Green, Rudy Gay, on the MLE... sign a decent backup big on the BAE. This is our most realistic best case option imo.
If we do not get that deal done I would look to move Crowder on draft night for a second or package him to move up... I'd try to take back no salary or very little salary if possible. I think Jae still has some value and I'd like to move him to create more space. Not sure if Korver is going to want to come back next year, but if he wants to be back (and not retire) then I think he is still a good regular season rotation piece and vet leader. If he is ready to call it quits we can waive and stretch the $3m or so he is guaranteed and clear some additional space.
You go big game hunting for Harris, Middleton, Kemba and likely fail. I don't max out a guy like Russell. I'd look hard at Brogdon, but we can't tie up our space just to have that deal matched. If it appears you are going to be left out you pivot on the guys like Bogdonovic, Niko, Lamb/Aminu (as mentioned by
@Saint Cy of JFC ), and then to guys like Thad Young, Millsap, Randle, Ross, Green, Gay... guys that may be worth a little more than MLE and see who bites. Depending on what that looks like then you address Favs guarantee and make a decision. I have a conversation with him early about "hey if we decline this option and give you 4/50 would you want to stick around" could clear just enough space to add the other guys we want.