If I was the GM, I'd look to make a move or two like the Cashner deal. Far away prospects for two solid but not spectacular RP'ers.
I'd then get on the phones to set myself up for a big fire sale, if we don't show signs of life by the deadline.
I would not go over the max budget line. I would not make any blockbuster deal, until the team we have (after the 2 trades) determined which fork in the road we take at the deadline:
1. Do nothing and ride these horses to the end.
2. Have a massive sell-off looking to reset the tax in 2020 and be relevant again as soon as 2021. That would mean trading every FA to be that has value- Porcello, Moreland, Cashner, Holt (perhaps bringing him back this winter) and Pearce (likely no trade value, even if we pay 99% of his salary). I'd trade JBJ and even Betts, if I didn't think he'll extend with us. I'd trade Beni, if the return was good.
3. (Assuming #2 is chosen) I would not trade Sale with his stock this low. I would avoid trading Price, since I expect us to be good again by 2012, but he will be older then, so I'd listen to offers. I'd keep Bogey, Devers, ERod, Vaz and probably Barnes, Marco, Workman (FA after 2020) and maybe Chavis. For returns on trades, I'd look for young, cost-controlled players that will be ready or near ready by 2021. Reset the luxury tax in 2020 with the idea that we'd spend large in 2021, perhaps even going over the max line, which would not be as devastating as now, since it would be after a reset. Maybe extend Betts at that time. Maybe Sale bounces back by then.
I'm not advocating a fire sale, right now, but we have to be ready for it to happen. You can't just sell off everyone without planning it out.