resign Hood and Exum. Trade Favors by the deadline IF there is a good team that needs defense/big man for a post season push and might be willing to part with better assets (Cleveland comes to mind).
Hood/Exum are young and still have potential to be great. I feel like Favors has peaked and we know who/what he is as a player. I'd be happy to keep him here, but not for a big contract that will hurt us in the long run. My opinion is we have the PG, SG, & C spot locked down for a while so it's probably time to start looking into upgrading our PF followed by SF (Ingles is my favorite but we do need to start looking at upgrading for the long haul).