On paper, the Red Sox are still the favorites, both in terms of WAR and in terms of Vegas odds. We all know that the season usually doesn't play out the same way as preseason projections do, but as far as the GM's off season job is concerned, you want the team that is a contender on paper. That's really all you can ask.
We could have a team that is very heavily favored to win the division, and the Yankees could still beat us.