The Joe Cole vs Maxi argument is easy - sell Cole and keep Maxi as a squad player. Cole doesn't bring anything that we don't already have in abundance (ie central midfielders who thrive in a free role), he's on massive wages yet delivers less than anyone in any position he can play. Maxi on the other hand was bought as cover on the left, and he's done well enough as long as we don't have to rely on him for long stretches of games - if he can play in a game where his gift at losing his marker is exploited he comes good, as he did on the weekend.
Squad mainstays: Gerrard, Suarez, Meireles, Kuyt, Lucas, Reina, Kelly, Johnson, Carra, Carroll. Backups: Spearing, Skrtel, Maxi. Frankly anyone over 21 in the squad whose name is not there should be on the transfer list, and anyone coming in will need to fit with that core or fail the way Torres has at Chelsea.
And that's my allotted 2 paragraphs for this post...