With the sudden reduction in future payroll commitments, I think the first thing the Sox should do from a LT perspective is to enhance their scouting and player development personnel and facilities - particularly in international markets. The new rules with the draft slotting, reduction in compensation picks, and the small market lottery rounds all make it difficult for the Red Sox to solely rely on the draft for their player development. Most years, they won't have a top 15 pick like they will in next year's draft because, hopefully, they will return to being successful. They will have to add to their current resources in the development/scouting departments to remain competitive in the long run.
From a more short term perspective, I still feel they will be best off avoiding the high priced FA (Hamilton & Grienke) but should be big players in the next tier down. Position players should be guys who fit the needs of the team and have the work ethic and personality to thrive in Boston. These types can be signed for shorter term deals and can be used to supplement the core of the team that remains. Guys like Mike Napoli and Cody Ross come to mind.
The pitching is going to be improved long term with renewed commitment to the farm system to generate the supply. In some cases, trades can be made when the system is thin. The top tier of the pitching free agent market should be viewed the same way proposition bets on the craps table are - with much scrutiny and a lot of risk. Going forward, I hope the FO uses the FA market for pitchers as a way of finding value for the back end of the rotation and supporting bullpen spots. In this offseason, I think they can wait out the market and acquire guys on value laden, short term deals to help fill the gaps.