We'd still have Buehrle, Dickey, Stroman, Hutch, Sanchez, Norris, Estrada, and potentially Redmond. I'm not going to consider Romero, but it will be kind of interesting to see if he bounces back after the surgery. Our depth isn't that big a concern imo.
On the flip side, Sanchez probably performs similarly, if not better, than Happ in the rotation next year. The monetary difference could be pretty close to the cost of Drew on a one year deal as he'll be looking to rebuild his value, to say nothing of likely getting a decent reliever for Happ. Of course, with Boras, who the hell knows.
You don't want to hurt Sanchez and Norris development by putting them in the pen, at least to start the year. I think Delabar probably does bounce back. I wouldn't be surprised to see Dustin come back assuming no one gives him a starting job (unlikely), although I'm not sure if it's the best thing to do or not. I think taking a chance on Axford could pay off (he's basically Delabar but with closing experience).
Honestly though, I think it's most likely that Happ and Navarro are traded for some nice young relief options.
2B might not even be THAT big a priority, since we'll have one of Izzy or Travis manning it if we don't make a move. That's a darn sight better than what we were rolling out there last year. Unless you're getting Drew or Lowrie to man second (or a trade), we may be better off in-house.
Speaking of Drew, after that disaster of a year he had last year, he might be a guy who would be willing to sign a cheap 1 year deal to be on a good team, in a hitting friendly park. That would bridge us nicely to Travis.
On the pitching side, I wonder if Brett Anderson is ready to give up being a starter? He'd make a real nice arm down in the pen. So would Morrow if he's ready to give up on starting. Axford could be rather intriguing. Experience closing, and will probably end up in the 2.5M range. I think Jim Johnson is also a fantastic buy-low candidate. Lots of other great options as well.
If rumors are true about the Dodgers willing to eat money for someone to take Ethier (say Romero + 10M), I could see that being a decent fit. He'd basically cost the same as what we offered Melky, and probably be worth roughly the same (little less bat, little more defense).
You don't need a guy like Lester. The point is adding as many wins as possible. For Lester money, you probably get roughly (or within a few million) a guy like Shields and Headley, and add 2 wins to what you would have in a good Lester year, and 3 or 4 in an average Lester year.