I'd re-evaluate a lot of the talent you're all saying to release:
Shad Gaspard - Looks completely bored in tag team, but when he's in the ring, he's dominant, exciting, and powerful. He's got good mic skills, and great charisma. I think he's got the potential to be a star in single's action.
Hawkins & Ryder - I think these guys can be a great tag team, they just need a double team move and a bit of a push. They show good tag team awareness in their matches, similar to Miz & Morrison, but they're kinda bland and dull for the most part. Let 'em work.
Kelly Kelly - No way, as I said before, she's done some amazing work, especially on the top rope. I say "injure" her, have her train under someone tough, and let her come back dominant. She's got the athleticism and charisma to pull this off, she just needs a character now.
Finlay - This may be the biggest face flop since Ric Flair. I miss seeing his craftiness come into play. He's not a good face, at all. Heel or send him back to training bitches.
Kizarny - His appearance alone could lead to big things. His in-ring work ties in as well... am I the only person who thinks he's overly similar to Jericho with a beard a long hair? Let him develop in the ring, and maybe throw in a brother storyline. He can be worthy.
Knox - I say sway away from the Blue big men who pick on little guys. It's cool with Kane because he doesn't have the look, but Snitzky, Heidenreich, etc. give this style a bad name. Knox is cool as fuck though, just do something a bit different, make him extremely dominant.
CM Punk - Fuck this MMA shit. I love the GTS and his "rushing attack" slaps, backhand & roundhouse... but I think he needs to shine as himself like he did vs. Rey & Eddie. Maybe even have him put together a run of matches with Rey since Rey's seemingly out of the WH Championship picture.
Kofi - I don't see him as a Jamaican being successful. Make him a street-thug from the States, somewhere like D.C., and he might be successful. I know the gimmick is played, but the options aren't.
Santino - His mic skills are great (even though his English isn't). His charisma is top-notch, and he can be funny if you can appreciate his sense of humor. Early on, he showed flashes of great talent (come on, beating Umaga for a belt!?). I think they can do something with him.
I say release Kung Funaki, Maria, Candice, the Bellas, Khali, Dreamer, & R-Truth. No explanation needed for any of them.