If I were Mr. Ross, I would start taking a look at this team. But here's the problem: I don't know that much about football, and anyone who does is part of the network - they all have friends, play "politics", curry favors, and generally help each other out.
So I would suggest that he consult multiple sources. Hire 10 different "experts" to give you a detailed analysis of the management of the team, and the roster. Ask Shula to do it. Ask Peterson to do it. Get loads of information about the state of the team.
Meanwhile, look at successful organizations. What do they do right? That's generally what you want to emulate.
Later - after that's done - you want to decide where to go. Lets assume for a moment that the reports all indicate that there's not enough talent on this team, and they're not working hard enough. Presumably you need a coach and a GM, so its time to compile a list of who's out there, get profiles, resumes, and interview the ones that might be available. As a businessman, remember they are working for you. Their job is to produce some excitement, win, and fill seats. And they will either have to be compatible, or one will be in control.
There's no point in this "suck for Luck" campaign, but as the season draws to a close later, Miami could be in a position where they're not bad enough to get him and just not good enough otherwise. I would suggest in that case, they get him at all costs. You can have the whole draft. You can have my first and ANY two players on my roster. Whatever it takes...
That's my two cents.
Now if I'm Sparano, and I just got this vote of confidence from my owner, I'm taking a different approach to this. First, I have to cut ties with a couple of players. I'd start with Nolan Carroll and Marc Colombo. Then, I would put Jake Long on IR. Let him heal. Then, I'd be looking at the stat sheet, performance, and loose tongues: JT, Brandon Marshall, and Yermiah Bell would all be inactive until further notice. And I'd go ahead and start Matt Moore. Shake the whole freakin' thing up.