As much as i find this amusing the trouble is Hodgson did this last year at Fulham with a worse squad. If the reports are true then Mach will go but be replaced by Sissoko. They will keep Torres and Gerrard. Add in a fit Jo Cole and it looks as though they might have slightly improved their squad compared to last season. Luke Young, when fit, is far better at left back than anyone they currently have.
What about Riera, Benayoun, 2 x left backs (Thus they dont have a recognised one at the moment) In many cases these players were first team starters certainly useful squad members.
Thats just for starters Masc definately leaving (Quality player) possibly Glen Johnson, Kuyt (very underated good player for them) etc.
I dont see Luke young, Joe cole (Who Chelsea happily let go and seemed happier with Benayoun costing them £6 million more) plus a few frees is better considering the players they have lost and are likely to loose.