I know I'm probably in the minority, but I'd rather keep Peavy, and to a lesser extent Rios, rather than getting rid of them just for the sake of getting rid of them. Yes, shedding salary would be nice, but I don't know where the salary savings can be spent that's going to be as worthwhile as holding out for top level talent in return for trades.
Play it down until 3pm on the 31st if necessary--I have a feeling some team out there will cave in on Peavy, and maybe Rios also. No reason to pull the trigger before the deadline unless somebody is offering the moon.