Its POSSIBLE to win a ring and not be in the top 4 in pitching; it just hasn't happened in a decade, and with good reason IMO.
I think that the Yankees are a much better balanced team right now, unfortunately. They are #3 in overall pitching. I posted this on another board:
I think that in order to have any chance for a ring we will need to upgrade both our SP and pen by one arm each and eliminate the bottom feeders in both categories. Right now the Mariners are at #4 in ERA in the AL at 3.55. Assuming that we will need to at least equal that and assuming that the Yankees will be our major competition for the AL pennant we can look at who on each pitching staff is over the 3.55 number and who is below it:
Under 3.55:
Red Sox: Bard (1.81)
Albers (2.09)
Beckett (2.17)
Lester (3.23)
Aceves (3.28)
(Buchholtz-3.48)
Yankees: Garrison (0.00-new)
Ayala (1.24)
Robertson (1.54)
Rivera (1.83)
Wade (1.88)
CC (2.56)
Garcia (3.23)
Colon (3.29)
Logan (3.29)
Noesi (3.34)
Pitchers over 3.55:
Red Sox: Papelbon (3.59)
Morales (4.23)
Wheeler (4.67)
Wakefield (5.15)
Miller (5.45)
Lackey (6.20)
Williams (9.53)
Yankees: Nova (4.12)
Burnett (4.21)
Hughes (8.24)
You can see that the Yankees are a much superior club when it comes to pitching right now. I think we would be best served by getting rid of Williams and replacing him with an excellent LHRP and releasing Miller and getting a very good #3-4 SP (4 if CB returns). Wakefield would be in the pen and his job would be mopup only. In the playoffs we would then have a competitive SP rotation of Beckett/Lester/CB or new guy/new guy or....gulp...Lackey. In the pen we have Papelbon (not NEARLY as good as the Yankee closer)/Bard/Albers/Aceves/Wheeler (ERA since May 21, his return date from the DL: 1.84 with a BAA of .185)/new guy/and Wakefield for mopup duty. Morales's tenure would depend on whether or not CB comes back.
Thats the best we can do right now. Given the failures of Wakefield, Lackey, Miller, Jenks, and Williams it may not be good enough, especially when you look at the Yankee pitching staff. But I will tell you this: if we don't upgrade BOTH our starting rotation and our pen by at least one arm each, we will be promptly bounced out before we can reach the WS.