There are two paths that lie before the Suns. They must choose one.
Now, I know you're thinking, "contend or rebuild," but that isn't really the choice at all. Like it or not, the answer to that is "rebuild."
The question, then, is do we want to:
A) Build through the draft, or
B) Build through free agency
If we're building through the draft, then we need to tank out this season for a high draft pick in next year's stacked draft. It would also be helpful to stockpile more draft picks by trading some of our players who are in their prime or perhaps past it. And we would want to keep our rookies and projects (Robin Lopez, Markieff Morris). In short, this would involve trading Steve Nash, as his presence will keep us from having a high draft pick.
On the other hand, if we're going to build through free agency, we want to keep Steve, as he's currently one of the only draws on our team. We would need to avoid taking on any long term contracts this year, and think about using our amnesty provision to create more cap space. We should try to keep value contracts (Marcin Gortat, Jared Dudley), and think about moving players whose contracts are market value or higher (Channing Frye, Hakim Warrick) in exchange for expiring contracts or trade exceptions. We might give away draft picks in order to do get teams to take on this salary.
How do you think the Suns should proceed?