I follow the advice at the end of Life of Brian - "Always look on the bright side of life." This is only basketball, after all. (I can have this attitude because I fix broken humans for a living.)
I don't think the cupboard is bare, especially in the frontcourt. Cobb will need development and fitness, and there are Larrier, Durham, Diarra, Carleton, Polley and hopefully Jackson if he stays. There is enough there to work with, if coaching can get their head on straight and get the bigs in shape, running the court, involved in offense and moving their feet on defense. Obviously I would prefer Jackson be part of that group.
On the guard side, the biggest loss would be if Adams were to leave. If he stays (and he should, for reasons listed previously in this thread), at a minimum you would have Adams, Vital, Ashton-Langford. And that's a strong nucleus. Gilbert should stay, given the injury history. I still want a 6'4" - 6'5" sniper 2G, but I wanted that 2 weeks ago too. And a grad transfer big man is now on the menu, too.
I'll wait until the rest of the dominos fall to project next year.
