I don't mind the annual salary, but five years? I don't see this ending well. There could be an opt-out clause for the Red Sox if he gets hurt.
The Red Sox could still end up winners, if Ramirez is traded for Jonathon Broxton, Andy LaRoche and Chad Billingsley. (probably too much) We add Drew, Lugo, and possibly Andruw Jones. The team would overall, be improved.