Here's what I think they should do-
Trade Shaq- for Wallace,Pavlovich & either this years 30th pick, Next years Cavs 1st round, or JJ Hickson.
Draft the best player on the board at 14... hopefully Jennings falls. If not, go for Earl Clark, not much upside, but not much downside either.. and at least you have the long term back-up for Amare' if his health issues keep coming back.
Hope to get lucky in the second round and get some decent roll players like Jeff Pendegraph, Dante Cunningham, Robert Dozier, or Danny Green.
Sign Nash to his extension- if he won't do it after Shaq Leaves, then send him to NY or the Blazers where he can at least have a chance to win a championship and the suns can get something back for him, like some draft picks.
Sign Amare' for whatever he wants. Yeah, he is a bit overrated, but he is 26 and he is the only thing worth holding on to at this point. If you can tie him down for 5 or 6 years, you can probably guarantee not to be terrrible at any point in the near future. At this point, that's all that matters right.