FAvored? Probably not.
But that doesn't mean anything.
It is pretty unlikely, but if the Sox signed Kluber, Odorizzi, and 2 good RPs like Hand, Bradley, Kela, or maybe Colome, they would be a very improved team. That still leaves 2B and CF to fill. 2B has numerous good candidates (Wong, C Hernandez, E Hernandez, Schoop, Villar, La Stella, and Semien) even if you cassume the Sox will avoid DJ LeMahieu.. CF not so much, assuming Springer is off limits like DJM, as there is JBJ, Pillar, and maybe DeShields, all followed a bunch of good glove/no bat options like Marisnick, Almora, Dyson, Hamilton who all make JBJ, Pillar and DeShields look like good hitters. If budget allows, a corner OF like Puig would be more exciting, but I do not expect Bloom to sign THAT many quality players. Most likely, expect Bradley, Pillar, or DeShields.
Soxprospects.com (Motto: Less Accurate than a Magic 8 Ball!) seems to think the Sox will acquire 2 SPs, 1 RP, a 2B, a CF, and a LHH bench bat. I would hope they get one more RP on top of all that. (They also have Chavis in AAA.) But yes, with the right additions, and minimal health issues, this team could absolutely compete for a playoff spot...