Lynne Sladky/Associated Press

The 2014 Miami Dolphins season is already in the books, making it time to look at the 2015 offseason.

While there's a lot of work to be done on the field, on the books the work is going to have to be even more extensive, as the Dolphins' salary-cap situation looks to be onerous.

Assuming a salary cap of $140 million (per OverTheCap.com), the Dolphins would be over the salary cap by $3,046,177.

This cap number would be the case even if they don't re-sign Jared Odrick, Charles Clay, Louis Delmas and some of their other impending free agents.

Maneuvering this cap will be the challenge for Dawn Aponte in 2015, as the Dolphins have to create enough cap space to re-sign Charles Clay and Jared Odrick while still having enough money to go after other free agents at key positions of need for the Dolphins.

So how do the Dolphins upgrade their talent while trimming money off the books?

Some high-priced veterans will have to be placed on the chopping block.

If the Dolphins release the seven players I put forth as candidates for release, they will save themselves $23.535 million. If two of those players are designated as June 1 releases, the Dolphins' cap space could become as much as $30.7 million. Factoring in the rookie contracts, the Dolphins are looking at anywhere between $19 to $28 million in cap space, depending on how those players are cut.

The players I'd suggest for release go as follows, and each one will be more controversial than the next.

Wilfredo Lee/Associated Press

Wide Receiver Mike Wallace

This is the Dolphins player with the most controversy surrounding him right now, and for good reason after his performance in Week 17 (not on the field, but off the field).

Wallace is due $12.1 million in 2015, and if released the Dolphins will have $9.6 million against the cap. Prior to whatever it was that happened in Week 17 (I'm not going to speculate on what looks like a he-said, he-said situation), I'd assume that Wallace would remain with a restructured contract, while Brian Hartline would get the ax (he's due $7.35 million and would save the Dolphins $3.15 million in 2015 if released).

Instead, it's likely that Wallace will get the boot, if for no other reason than the fact that it's apparent that both sides are in need of a change of scenery.

The first option would be to look for any takers for Mike Wallace on the trade market. Doing so would cost Miami $6.6 million in dead money, saving them $5.5 million.

While Wallace's salary might make his contract an unattractive one for teams to trade for, he continues to remain a speed threat. Odds are if traded Wallace would get at most a third-round pick (an optimistic projection), but anything the Dolphins could get for Wallace, along with the cap savings, would constitute a decent haul for the organization.

If the Dolphins can't find a suitor, Miami would be best off designating Wallace as a post-June 1 cut, which would save them $6.9 million. While the savings of $1.4 million isn't anything to sneeze at, if a draft pick is on the table, it would be worth the money to take the pick.

Wilfredo Lee/Associated Press

Linebacker Dannell Ellerbe

Dannell Ellerbe represents Miami's most disappointing signing at linebacker, and he had competition in that race.

Ellerbe missed all but a few plays in 2014 after turning in a 2013 that saw him ranked by Pro Football Focus (subscription required) as the 50th-best middle linebacker in the NFL.

If Ellerbe is released as a post-June 1 cut, the Dolphins would save $8.45 million. If he's released as a pre-June 1 cut, he'd save the Dolphins $5.65 million.

Lynne Sladky/Associated Press

Linebacker Philip Wheeler

I'm actually conflicted on this release.

It's not because Wheeler is a great linebacker. No, he's far from that. But he has shown improvement, going from being the worst 4-3 OLB in the NFL per Pro Football Focus in 2013 to being ranked 18th and grading out at 3.1.

As a pre-June 1 cut, Wheeler saves the Dolphins a paltry $200k, but as a post-June 1 cut, he'd save the Dolphins $3 million.

Those are the players who have cap numbers that vary based on whether they're cut before or after June 1. For these four players, it won't matter when they're released, as the Dolphins would save the same amount of money.

Charles Krupa/Associated Press

Cornerback Courtland Finnegan

Courtland Finnegan is showing signs of age, while backup Jamar Taylor showed great strides when he was healthy in relief of Finnegan while the nine-year veteran was out with an ankle injury.

Releasing Finnegan would save the Dolphins $5.475 million in 2015, which should make this an easy decision for the Dolphins.

Lynne Sladky/Associated Press

Defensive Tackle Randy Starks

We saw major slippage from Randy Starks in 2014, likely not the type of slippage the Dolphins foresaw when they re-signed him last March. This March might be time to release Starks, saving the team $5 million.

Wilfredo Lee/Associated Press

Wide Receiver Brandon Gibson

Brandon Gibson's 2014 wasn't a very productive one, as he struggled to regain the third wide receiver spot he had in 2013 and struggled on the field as well, seeing rookie Jarvis Landry usurp that spot while becoming Miami's leading wide receiver.

With Landry in tow, Gibson is expendable, especially with the $3.26 million releasing Gibson will save.

Phelan M. Ebenhack/Associated Press

Guard Nate Garner

Nate Garner spent the last quarter of the season on the inactive list for the Dolphins, and the Dolphins will likely replace a player who at some point has played every position on their offensive line.

Releasing Garner saves the Dolphins $1.65 million, money that could be spent on a replacement for Garner.

Lynne Sladky/Associated Press

Players Who Can Restructure Their Contracts

It doesn't always have to be about releasing players for the Dolphins to free up cap space; some players can restructure their deals.

Cameron Wake is the first player to come to mind, as he has two years left on his deal. Spreading some of his 2015 money out into 2016 and possibly adding another year could give the Dolphins some cap relief.

The Dolphins could also restructure the contracts of Brian Hartline (who has three years left on his deal), and Brent Grimes (who also has three years left on his deal).

Finally, Mike Pouncey is in the final year of his contract and carries a cap number of $7.438 million. It would be wise if the Dolphins decided to extent Pouncey this offseason to a long-term deal, especially one similar to the one the Steelers have his brother Maurkice signed to (five years, $44.14 million with $13 million guaranteed).

That contract sees Maurkice assigned to a $5 million cap hit in 2014, and if the Dolphins could get a similar cap hit out of Mike in 2015, it will have a great impact on their 2015 offseason.

There's plenty of work to be done in Miami, and there will be many a long night for Dawn Aponte and Dennis Hickey between now and March.

Salary cap information courtesy of OverTheCap.com and Spotrac.com. Statistics provided by Pro Football Focus, which requires a subscription.

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