1. Trade for Randy Johnson, without paying out the @$$. Vazquez, cash and some prospects shouldn't be too much once Arizona brings down it's price.
2. Sign Carl Pavano or Matt Clement. Get a young arm in here, and try to keep Pavano away from Boston if possible. With Vazzy gone, we need some youth in the rotation.
3. Only dump Brown if you get something worthwhile. If you have to pay his entire contract or aren't getting anything worthy, just hold onto him and used him in the back of the rotation.
4. Sign Tino Martinez. Bring back some of the old great clubhouse chemistry. Let him play 1B everyday with Giambi on the bench or DH.
5. Sign Beltran. Not very important but it could be a valuable move considering Bernie is reaching the end of his rope. This is the best young CF in the game, and he's only available now. Bring him in and let Bernie DH and play in right field once in a while.
6. Resign Ruben Sierra, Tanyon Sturtze. These two were very important to the success of the Yanks last year. Sierra is a dominant threat off the bench and as a DH. He can break a game open. Sturtze did well as a long reliever and he could spot start in case of injury.
7. Get some roleplayers as backups. Bring in some guys like Cairo. Pokey Reese might be one to play utility. I'm not sure who else is out there, but get some guys who could be valuable (such as Reese, Dave Roberts, Mienkatwitz were for Boston).
That's what I'd do, anyway.