Yeah, there isn't a single veteran catcher on this market that I would consider anything other than a project. Olivo? Please. He's a slugger, but he'll hit for a sub-.300 OBP more often than not and make a lot of outs, and he ain't exactly a spring chicken. He spent the entire last half of last year undoing all the good he'd done in his first half. He's streaky, undisciplined, and undependable when the chips are down and the performance of the teams he's been on while he was on them is a big tell of that.
Given my druthers, I'd prefer to bring in Russel Martin if he's non-tendered over Miguel Olivo. None of the explosive upside of an Olivo in power sense, but a solid and internally consistent skillset in its own right, combining OBP, solid defense and above average baserunning (well above average for a catcher). And unlike Olivo, Martin seems to be a well above average gamecaller and strategist, pitchers who throw to him seem to do better than average while they do so at least. It's no replacement for VMart, but then nothing on this market is so it's time to lower our expectations on that score.