You also have to renounce Jrue, otherwise you have his cap hold.
So if Jrue walks early, you might be able to arrange things so that you have a max or close to max deal you can offer, but I'm not sure who out there is going to be leaving their current team when their current team will have bird rights and can offer more than the Pelicans. If Jrue walks, you're probably looking for a PG. I don't see a realistic target that's better than Jrue. But maybe you go down a tier and split that money between a PG and a wing, but you're probably going to end up overpaying those guys.
My best guess is we roll into 2018 with Jrue/AD/Cousins and then try and flip Moore/Hill and our 2018 on draft night into an upgrade.
The dream scenario for this franchise is to have the 8th seed come down to the wire, barely miss the playoffs while being very competitive, and then luck into a top 3 pick. Then you package that pick w/Asik and Hill (or Moore) for a real upgrade. Now we're cooking...!
But no, the most realistic scenario is resigning Jrue and then using exemptions to fill out roster.