I overspent early and had no money to spend on closers, so I know where you're coming from.
Is Santana eligible at C in your league?
You're probably going to need a replacement for Machado for a little while.
I like Cobb but he's probably more like a #3 pitcher, so you need an ace. You do have some nice fliers though, like Ventura and Gray.
You could use some OF depth, but you may be able to take care of that via free agency. The same goes with closers. Watch the waiver wire like a hawk. I hate spending money on closers.
You definitely have your work cut out for you but it's salvageable. You're just going to need to make some trades. You have pieces like Beltre, Jones, and Santana, and you can get a lot back for them. If young guys like gray, Ventura, and Miller get off to good starts be prepared to deal them. Lots of people are high on Cobb so you could probably get something good for him too.
Please help with mine: http://www.fantasybaseballcafe.com/forums/viewtopic.php?f=29&t=468072