My proposal:

(I hope I got the homegrown rules correct)

Release:

All out-of-contract players [Can we still have Florent Malouda as an option for polls?]

Sell:

Terry: 10m (Time to leave, great servant for the club - Join Backroom staff?)

David Luiz: 40m (A legend but neither brilliant at CB or CM - Good luck at Barca)

Ramires: 25m (What is his best position? Thanks for Barca (A))

Torres: 20m (Lukaku and Cavani will be ahead of time - thanks for Barca (A))

Moses: 10m (Too Raw and will not get games in the next system)

Marin: 5m (Enough said)

Ba: 10m (Not Chelsea quality but tried his best)

Total: 120m

Total to Spend: 220m

Buy:

Begovic: 15m (We need a backup for Cech/Courtois)

Luke Shaw: 15m (Young, Brilliant, CFC Fan)

Hummels: 30m (Dortmund defender, Champions League Finalist - Enough Said)

Varane: 25m (He's better than Pepe...)

Modric: 30m (The chase is finally over)

De Rossi: 20m (His stats in CM/FM have always been good)

Van Ginkel: 10m (He looked good on Youtube)

Benteke: 25m (Superb player, can fit in any squad)

Cavani: 50m (I think enough has been written on why he will fit perfectly)

25 Man Squad:

[Non-HG Premier League]

(HG) = CL Homegrown

(HG - Chelsea) = CL Homegrown Chelsea

GK: Cech [1], Begovic (HG), Blackman (HG - Chelsea) (3)

D: Azpi [2], Ivanovic [3], Cahill (HG), Hummels [4], Varane [5], Chalobah (HG - Chelsea), Cole (HG), Shaw (HG) (8)

DM: Mikel (HG - Chelsea), De Rossi [6], McEachran (HG - Chelsea) (3)

MC: Lampard (HG), Modric [7], Van Ginkel [8] (4)

W: Hazard [9], Mata [10], Oscar [11], De Bruyne [12] (4)

S: Benteke [13], Lukaku [14], Cavani [15] (3)

Out on Loan

Bertrand: Mid-table Premier League

Romeu: Mid-table Premier League

Essien: Champions League side in Europe

Courtois: Stay at At. Madrid

van Aanholt: German club loan

Piazon: Move to a bigger Spanish Club (At. Madrid)

Kalas: German club loan

Omerou: German club loan

Champions League Homegrown Player Rule

UEFA defines locally-trained or 'homegrown' players as those who, regardless of their nationality, have been trained by their club or by another club in the same national association for at least three years between the age of 15 and 21. Up to half of the locally-trained players must be from the club itself, with the others being either from the club itself or from other clubs in the same association.

Premier League Homegrown Player Rule

To ensure that Premier League Clubs continue to produce top home-grown talent, the 20 Clubs introduced a Home Grown Player rule from the start of the 2010/11 campaign. Clubs cannot name more than 17 non home grown players aged over 21. For example some clubs will have a squad list of 23 because they may have 17 over 21 non home grown players.