I'm hoping that this will be an opportunity for a lot of them to leave on good terms, and I do think that Lampard has it in him to be ruthless (he's been more than willing to bench senior players).
Richarlison, DCL and Gray has the makings of a very decent front three, with Gordon there as another option. Will the first two still be here, though?
It would be a shame to see Pickford go, considering the season he's had.
Mykolenko seems fine now, and maybe he'll even to start to show a bit more on the ball given time, while Godfrey and Holgate could compete to partner whoever comes in to finally be the proper replacement for Jagielka. Lampard wanted Tarkowski at Chelsea, so I could see him receiving an offer as a free transfer, but this is an area where I wouldn't mind proper money being spent, even if it's just reinvesting whatever comes in for Keane and Mina. I'd also want a new starter at right-back, but I can't see it unless Coleman retires (maybe Patterson will be ready to push for a place sooner rather than later).
Centre midfield is where I'd use the bulk of the budget. None of those bought for the position have been anything close to good value, nor would they be missed, though unless he's going to revert to type without the threat of relegation looming, Iwobi does look capable of filling one of those spots. He's been a revelation with his energy and physicality, and I think it'd be worth spending out on at least one high-quality passer. In front of them, Alli showed that the ability is still there, but Lampard's comments make you wonder if he can show enough professionalism to justify the wages and payments that would be due.