If I had 1 million SP, I would probably delegate about 250k for passive income, another 250k to projects worth sponsoring such as @flagawhale, @steemflagrewards, etc.
The rest of my 500k would be used for upvoting meaningful comments/replies to my posts as well as good contents. In addition, that 500k would be used to flag junk posts and abuses such as plagiarism, etc.
The Steem/SBDs could be used towards sponsoring @steembasicincome shares and bids for visibility to Steemians with great contents.