Look, I understand that we don't want to cut LJ and take the cap hit. I understand we don't want to keep him and his behavior problems on the team. I understand we all think/know he can be a 1500/year back still in this league, and don't want to trade him for peanuts.
But everyone needs to realize that: We aren't getting high draft picks or starting players for LJ.
No team is going to trade a decent pick for a 30-year-old guy with his injury history, suspension threat, his 416 carry season, behavior problems, and big salary. He's a good one-dimensional back that can't block or catch well and who fumbled five times in 2008. Not to mention that RBs past 30 don't last for long historically.
Many teams might be interested in him as a FA, but GMs are become cheaper and cheaper at RB as everyone figures out the OL is becoming more and more important than individual RB talent. Playoff teams like the Colts (Rhodes), Giants (Ward and Bradshaw), Pittsburgh (Moore), and Cards (Hightower) have been able to plug in low round picks or cheap FAs as starters this year specifically for that reason. Big money contracts are not given to 30+ RBs anymore, especially one-dimenional ones.
Our best case is probably a 5th rounder for him. And that's only if we get very lucky with a very dumb GM.