I think re-signing Pena, signing a top tier SP (Wilson or Sabathia-doubtful) and an OF may be best option. Then try and trade for a 2B...
Release Fonzie...move Byrd to RF and FA OF to LF, with Jackson taking over in CF. Colvin will be 4th OF/back-up 1B and Campy 5th OF/pinch runner.
Barney to utility (2B and SS), and Baker utility (3B, 2B and 1B).
Trade/non-tender DeWitt
Trade/non-tender Hill: Castillo or Clevenger back-up C to Soto, with good playing time if Soto starts to struggle in '12 again.
This team wouldn't be too bad.
They won't release Soriano, he's still owed way too much money. However, I'd try keeping him on waivers and making it very public that he's there through the media... like Boston did with Manny Ramirez in the 2003-2004 area. Maybe someone will take the bait and claim him. If not, maybe it'll wake him up a bit like it did with Manny.
If you re-sign Pena (which I hope to any god you wish to worship doesn't happen), it better be at less than $5MM per. Otherwise, he can go back to the market. I'd honestly rather pay LaHair league minimum and let his struggle than pay $5mm+ to Pena... and let him continue to deteriorate. I believe LaHair could put up similar numbers to what Pena has done this season if given a shot. I'm not saying he's the savior or even a long term option, or that he would be truly any good... but I do think he can match Pena's performance this year... for about $9.6M less.
Since Soriano is almost definitely going to still be a Cub next season, and makes way too much money to bench, if you pick up a corner OF then you'll have to trade Byrd to make room for Jackson. That's fine by me, to be very honest. This, or you leave Jackson in Iowa until June or so just to make sure he's ready. If he shows the signs of being ready at that point, you trade Byrd to someone looking for OF help and bring Jackson up. Question is, what do you see on the OF FA market that's worth signing? Berkman (though he's said a few times that he wants to go back to 1B), Cuddyer, Beltran maybe... but I wouldn't give any of those guys more than a 2-3 year contract. There are no long term options out there.
Who do you think is going to be available for 2B? There's no one on the FA list that I'd so much as consider (except maybe Phillips if the Reds let him go - which is very unlikely). I doubt very many teams will be putting their current, worthwhile 2Bs on the trade block this winter.
I can get on board with finding a better backup C option than Hill. Been on that bandwagon for a couple of years. Though, I'm kinda holding out hope that Yaddy Molina hits the FA market in 2013.
What do you do for 3B with ARam possibly walking?