1B- Giambi
2B- Cano
3B- Rodriguez
SS- Jeter
LF- Matsui
CF- Hunter
RF- Sheffield
C- Hernandez
DH- Posada
SP- Johnson
SP- Mussina
SP- Chacon
SP- Wang
SP- Wright
RP- Small
RP- Proctor
RP- Rivera
RP- Ryan
RP- Wagner/Gordon
RP- Sturtze
Bn- Crosby
Bn- Bellhorn/Infielder
Bn- Martinez
Bn- Escalona
Bn- 5th outfielder
Manager- Joe Torre
GM- Brian Cashman
My ideal would be to trade Pavano, who still has some value, for Torii Hunter in Minnesota in some sort of package. Obviously you eat a lot of his salary, but it makes some sense. Sign Ramon Hernandez to catch so you can put Posada at DH. Bring in Ryan, at whatever you need to pay for him. I would prefer Gordon over Wagner, simply to have a righty, lefty and Rivera at the back of the bullpen. Keep Small in the old Mendoza role (spot starter, middle reliever). Forget the big name starter, our rotation is damn good this way. Of course, if Clemens were inticed to come back I wouldn't mind making a spot for him.
Wright spent a lot of time on the DL this year, are we allowed to buy out his contract? I know there was some clause like that in there. Just something to keep in mind.
As alternatives, Giles is on the wrong side of potential going to be 35 on Opening day, Cameron is 32 and Damon is 31 with no arm. I don't like the idea of investing in those guys. One other guy I wouldn't mind making a trade for would be Juan Pierre, perhaps again with Pavano headed back to Florida. I don't know if they're looking to trade him but it is something to be explored. In fact, I like Pierre better than Hunter.
That's my brief analysis anyway.