I think the ideal situation would be to buy out Smith, and trade Namestnikov - keeping Shatty, Strome & Kreider, resigning ADA & Lemieux.
If they can't find a taker for Namestnikov, who would be a dump you can live with considering they are loaded at wing, then the next trade to look into is Strome. I feel like Strome has much more value to the Rangers considering his age, pedigree, last season's performance and his position - so they need to get good value back and a center in return, which will prove to be difficult.
I think they intend to keep Kreider and see if they can work out an extension. If not, he will be another deadline move. They need to get good value for him and at this point the risk of waiting until the deadline or into the season is greater than the offers they have already gotten for him since they have diminished his value via the cap crunch. As soon as camps open his value will be higher than it is now, provided he doesn't get injured.
That leaves a Shattenkirk buyout as the most likely to occur, though I feel like they also believe he could be in for a bounce back year - or at least curious enough to entertain one. Problem is they dont have that luxury and the Shatty buyout will cost them the most over the years to come. It could hamstring them from taking some steps forward in adding talent to round out the roster.
In a bit of a pickle for sure.