We really only have two holes at 1B and 2B, so I don't see why we would need a Yankees Payroll.
I really think that the Cubs just need two or three players that can take a walk, and the other free swinging players will start to walk more. I believe that not only is hitting contagious, but patience is as well. Which is why I like Johnson and Kubel, both walk at very good rates. Both around 8 or 9 percent.
3B is a hole.
Sure you can buy a 2B, but then you're blocking guys in the minors who could come up and fill that hole.
You can also argue that LF and RF are holes, because the only decent prospect coming up is Brett Jackson and he needs to stay in CF. Soriano is a shell of his former self and Byrd would be pushed to RF.
The team you are suggesting, in addition to Fielder, would need a lot of overachievement and luck to contend. And no, they won't have a Yankees-size payroll because outside of Pujols and Fielder, the rest of the free agent class is mediocre. Everyone who's good is under team options and will probably be retained.
Every sign this offseason is screaming for the Ricketts to save their money and rebuild. They have to anyway.