The Red Sox could still sign Jason Bay or Matt Holliday but it would cause almost as many problems as it solves. The Sox have Cameron, Ells, and Drew to play outfield and have Hermida as a backup. One of those three would have to be traded to make room for Bay. The contract would also have to be back-loaded to keep the Sox from paying a luxury tax.
Did Theo rush into signing Cameron? If he had waited longer he could have had Jason Bay at his initial offer. That ship has sailed now and the Red Sox have a different look. Bay's offense will be missed but signing him could have too many negative consequences for the team to stomach. If the Sox are going to add a power bat it will most likely come at first or third with Lowell going somewhere else in the mid-season.