You can still get an ok team with something like Lloyd, Short, Whitfield, Sicily, Hewett, McCartin (Gibcus, SDK) in the backs. I'd prefer Sicily to a top level defender premo and Hewett to a rookie but this at least provides stability and decent enough scoring at D5 albeit at a bit of a premium price over just a standard premo/rookie combo. The negatives are that I don't rate Sicily and Hewett to be top 8 backmen but it's an option anyway.
In the forwards you should still be able to do something like Dunks, Butters, Cogs, two of the $200k mid pricers, Rachele and a couple of fwd rookies. The mids will need to take a hit, probably still should be able to do something like Macrae, Touk/Steele, Neale, the rookies and Rowell.