I think I would (like) to see something like:
Trade for Ethier (Send them Smoak in lieu of eating money).
Re-sign Navarro as the backup catcher (assuming he's willing this time). That should allow us to also give Martin a few extra days off, which probably helps his bat.
Re-sign Edwin at 1B.
Re-sign Cecil (and fast, before someone else starts to woo him)
Sign Holland (talk him into taking a 1 year deal as the setup man somehow)
Sign Reddick
C - Martin
1B - Encarnacion
2B - Travis
SS - Tulo
3B - Donaldson
CF - Pillar
LF - Pompey
RF - Reddick
DH - Ethier
Bench: Navarro, Barney, Upton
SP - Sanchez
SP - Stroman
SP - Happ
SP - Estrada
SP - Liriano
C - Osuna
RP - Holland, Cecil, Grilli, Biagini, Loup, Dermody, ? (long man)
My guesses at costs per year of the additions / re-signings: Ethier: 13.5M, Navarro: 2.5M, EE: 20M, Cecil: 7M, Holland: 7M, Reddick: 17M
That would put payroll at 185M (not sure we can go that high, but talking ideal case here).
A team with less k's and higher average, better defense, and a better pen.