It hasn't gone exactly as planned, but the offseason has been pretty good for the Boston Red Sox and General Manager Theo Epstein, even if there is plenty of evidence to the contrary.

They watched while Mark Teixeira donned pinstripes and said the decision to join the Yankees was a no-brainer. That was after New York lavished hundreds of millions of dollars on CC Sabathia and A.J. Burnett.

They also had to watch the defending American League champion Tampa Bay Rays add a potent home-run producer in Pat Burrell and a good, young, right-field prospect in Matt Joyce.

Oh, and the Rays are also going to have a better rotation with David Price starting on a regular basis. You remember him from the ninth inning of Game 7 of the ALCS, right?

It's not a stretch to look at the upcoming season and pick the Red Sox to finish third in the AL East, but that would be selling them very, very short.

While Red Sox fans were wallowing in the gloom and doom of the Teixeira signing, Epstein continued to make moves to improve the club. They were minor moves, perhaps, but brought pieces that could help the 2009 Red Sox return to the postseason for the sixth time in seven years.

The best move so far this offseason was the acquisition of Brad Penny. Coming off an injury-filled season, Penny has two 16-win seasons in the last three years and could be the steal of the winter.

He signed a one-year contract worth a reported $5 million and could make another $3 million with incentives. That's $8 million for a pitcher who would've commanded twice that on the open market a year ago.

Of course, at that time he would've been expected to be the ace of any staff he joined. In Boston, he'll open the season as the fourth starter. That's a pitcher with a pretty good pedigree hanging around at the back of your rotation.

If Penny or any other starter has trouble going deep into games, the Red Sox will have the relief depth to help out. The newest member of the bullpen is Takashi Saito, a 38 year-old who played the last three seasons with the Los Angeles Dodgers. Two years ago he was an All-Star, and he has a career ERA of 1.95 in the majors.

Saito joins Ramon Ramirez, acquired in the Coco Crisp trade, as newcomers to the bullpen.

They will join Manny Delcarmen and Hideki Okajima as setup options leading to Jonathan Papelbon. For now, they will also join Justin Masterson, who can remain a reliever with Penny aboard. Not to mention future Hall of Famer John Smoltz, who also signed a one-year contract.

In all, it gives the Red Sox the best bullpen in the division.

The Sox filled out their bench with Rocco Baldelli and Mark Kotsay, who will provide additional offensive options for Manager Terry Francona. Baldelli will get plenty of chances to play in the outfield, and Kotsay will serve as the backup first baseman now that Sean Casey is gone.

In the end, Epstein may not have matched the Yankees' spending, but he maintained economic sanity while improving his team. All of these one-year deals (including catcher Josh Bard) mean the Sox can still pull the trigger on a bigger deal next season or make a trade for an impact player at the trade deadline.

Let's face it, no one knows how long the recession will last, and even baseball will feel the pinch. Epstein has been prudent while also keeping his team competitive.

Tom Caron is the studio host for Red Sox broadcasts on the New England Sports Network. His column appears in the Press Herald on Tuesdays.