The Smalling situation is actually a perfect representative of the predicament we find ourselves in.
Smalling is probably our best CB, if you take away his lack of passing ability. Certainly our most consistent, and probably our most valuable (apart from Lindelöf but personally, I think Smalling is a better overall CB, but that's besides the point).
If the rumours are true that we are willing to release him, its because Smalling would actually command a tidy transfer fee - there would be queue of PL teams lining up for him along the lines of Everton, West Ham, Palace, Newcastle etc. We could probably fetch £40m or so for Chris Smalling. Double the amount we would get for Jones, Rojo or Bailly.
And therein lies the problem.
We would be keeping CB's over Smalling for the simple that they are worthless.
Does that not partially explain why we have been so shite since 2013? We are hanging onto players for years and years for the simple reason that they ae not worth anything. Worthless players = a worthless squad.
Instead of demoting Smalling and replacing him with Maguire, giving us a pretty solid backup option (better than the majority of the top 4 have, actually), we might be getting rid him altogether and rewarding Jones, Rojo and Bailly for being worthless.