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There also is the possibility Theo is stockpiling talent to make a trade with the young guys (i.e. Bucholz, Bowden, etc.). You also have to wonder what the rotation will look like on the back end. There are the givens of Beckett, Lester, and Dice K of course. But, you now have flexibility with your 4th/5th starters any combo of Wake, Bucholz, Smoltz, Penny, or even Bowden. It is even possible Smoltz goes to a set-up roll I'd imagine if he's open to it. The bullpen would be looking solid with Smoltz, DelCarmen, Okajima, Ramon Ramirez, and Paps closing the door. Either way John Smoltz is better than any other 5th starter on just about every MLB roster.
As far as Baldelli coming home (Rhode Island native) I see good things he can give the Sox some
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The Sox haven't made a big splash in free agency yet. With these two moves they have addressed depth and most teams would kill to have Baldelli and Smoltz as "depth". Hopefully the Sox can get these guys some rings.