Again, who said anything about a catastrophe. The Red Sox will pay beyond 2009 for letting the Yankees eat their lunch this off season, because CC, AJ and Tex will not be with the Yankees only for 2009 but for several years beyond that. The Red Sox will be facing those same guys in 2010, 2011 and beyond.
As for taking the "risk averse (safe) option", let's call it what it is: the cheap option. There was nothing risk averse about it. There was no value involved in their acquisitions. They paid cheap for a bunch of lame horses and they got even less than what they paid for. They got poor value in return for their investment.
The off season can't be blamed for our troubles? There was a deep pool of solid performing FA pitchers and we passed on all of it. Pitching wins. They failed to upgrade, and now they are rolling garbage to the mound. Injuries are not an excuse, because the Yankees lost Wang for the season, but they had sufficiently bolstered their rotation with AJ and CC so that it didn't hurt them much.