Hi! That's a great group of keepers for a 16-team league. Beckett, Oswalt and Gagne are unbelievable for just $7 (next year), and so is Clement. The jury isn't quite in on Wells yet, but he's terrific for that low salary. Mike Williams at $13 is also sweet, unless he is traded again, which I doubt will happen. And even if Williamson doesn't start, he's still an excellent value for the money. That's a pretty impressive pitching staff for a bargain basement price.
The hitters look a bit more iffy. Johnson has potential, but he might not fully realize it next year, and the Yankees may not be very patient. Giambi may or may not be worth keeping at that price; at the moment things look good, but keep a close eye on him in the second half. Playing time is still an issue here. Patterson is obviously a steal, and I also like Pena for next season, although his progress should also be watched closely.
Your free guys are good, but it would be nice to have a higher-ranked prospect or two. Cuddyer could certainly fit the bill here. Check out this week's sleeper column for some raves; he can flat out hit.
I'm not quite as high on Crede as some. At the moment, I still see him as a hit-or-miss prospect. Whether to make this deal depends primarily on Pudge's current salary.
Overall, I think you're in excellent shape. With that core, you should be able to either make a big splash in the draft, or else trade some of your bargains to a team with cap problems. If you can land a bat or two to form the foundation of your lineup, you definitely won't be out of the hunt at mid-season next year...