Since realizing that the hiring of Bavasi was re-gosh-dang-donkulous, they've been in pure "profit" mode. I think the payroll's gone from 119M in 2008 to 73 or so million this year. They're not a small market team. They could've been in on Hamilton (dodged a bullet there), should've signed Bourn and given up the #12 pick, but didn't. Fielder would've helped a lot. They dodged a major bullet having Upton turn them down (could you imagine watching Walker--much less Franklin--dominating the NL West for the next 7 years). But they've been gunshy about overpaying for talent (except a worn-down Ichiro, but I digress).
Honestly, Jack Z has done a great job restocking the farm system. Last year (2012) they miscalculated and didn't bring their prospects up in September, so that no one really got a chance to see the young guys in MLB situations. This year they changed that up.
I'm still very much a believer in Smoak and Ackley--Montero, not so much, but here's hoping. I think they're set all over the infield--Smoak/Morales (though I think Morales signs the Qualifying offer and leaves), Franklin, Miller and Seager. Zunino at C (who, for being a rookie who couldn't hit a lick, still did better than Olivo and all the other garbage we've had there in the last decade). Ackley as a super-utility guy. Peterson is still a year away, but he also is a big bat that can (nominally) play 3B as well as 1B.
Pitching is pretty stellar with Felix, Hisashi, and some combo of Walker/Paxton/Ramirez/Maurer. Maybe they even go after a 4th-starter-esque veteran innings eater as insurance or if they trade away a couple of the young guys. Bullpen needs some help.
But the major issue is impact bats in the outfield. I don't think there's anyone in-house (maaaaybe Romero?). Almonte earned a look in CF, but I don't see him as "impact". Saunders is alright, but I don't know that you can count on him to hit, run and/or stay healthy.
I'd bring Ibanez back at a similar 2.5M or so salary for 250 ABs. He's horrible in the OF, but can be a warm body 40 nights a year (especially if we get a real CF to go with him) and a DH a night or two a week in good matchups. It's interesting to see if the M's go after Ellsbury or Choo (or both).