While a good team needs a good closer to win, the Cl position is the most overrated one in the Majors. It's true that you need a certain mentality to be a closer, but closers emerge yearly in the league, and pitchers with the mentality and the stuff are a dime-a-dozen right now.
Agree with Yazman, letting Pap go at that price, provided they had a backup plan, was the right move.