If everything this off-season happened the way i wanted it to, here's what would go down:

1. Sign Teixeira to play 1B.  Whatever amount of money it takes- probably 8 years, $180MM or more ($22.5 AAV)
   
2. Trade Lowell, money, and a mid-level prospect to Cleveland for Kelly Shoppach.  We now have our future catcher.
   
3. Sign Jason Varitek- 1 year, $7.5MM with an option for next year.  Tek can platoon with Shoppach, show him the ropes, and retire.
   
4. Trade Lugo for Byrnes straight up.  We kill two birds with one stone by dumping Lugo and getting a sold 4th OF.
   
5. Sign Ben Sheets, 2-3 years, $12.5MM AAV.  If he's healthy, great.  If not we waste some money, but he at least provides a nice bridge to Buccholz and Bowden, as those two aren't quite ready yet.
   

Ebbidabibbeda that's all folks!  We get a great power bat long term, create the ideal situation at catcher, dump Lugo, and fortify our outfield and rotation.

Rotation: Beckett, Lester, Dice-K, Sheets, Wakefield.

Lineup: Drew (RF), Pedroia (2B), Ortiz (DH), Teixeira (1B), Youkillis (3B), Bay (LF), Lowrie (SS), Tek/Shoppach (C), Jacoby (CF) [L,R,L,S,R,R,S,R,L]

Bench: Tek/Shoppach (C), Byrnes (OF), beyond that, fill the bench with some cheap FA infielders.  I know they're out there.  Theo is good at finding these guys. (e.g. Kotsay, Casey, Cora, Olerud, Pokey Reese- ha, remember them?)

Bullpen: Papelbon, Masterson, Ramirez, Okajima, Delcarmen, Lopez