Penny Signing Imminent?

According to foxsports.com's Ken Rosenthal the Red Sox are close to signing Brad Penny to a one-year deal. Penny would certainly become our fifth starter with the potential to be at least more productive than Wakefield.
My analysis of this deal is that it's a great low-risk signing typical of past Theo moves, not all of which were extremely productive but did add depth (i.e. Bartolo Colon in 2008, Wade Miller in 2005). I think the Penny signing will end up being a great value to the Sox and John Farrell probably can help him out since Farrell is now regarded as one of the best pitching coaches in the game. I will admit that I am disappointed the Sox did not try harder with Ben Sheets but it sounds like he is going to eventually end up in Texas, where he has a home and he has a great relationship with his old pitching coach Mike Maddux. I also think this makes it less likely Smoltz will come to Boston if things don't work out with Atlanta. Smoltz seemingly wants a starter job and unless once Smoltz is healthy we make Wakefield a long reliever we would have no room for him barring injury. Hopefully this isn't the last Sox pitching signing and they continue to be aggressive in adding more live arms.
Not to be forgotten is the implications this move would have on the current roster. This move allows us to keep Justin Masterson in the bullpen as well as be patient with Clay Buchholz. This move also makes it a little more likely they would be willing trade some of their pitching prospects for a catcher, although a small move like this doesn't by any means mean they have to or should. However, come June or July if Theo assesses the catching situation as an immediate need that must be filled to win and Penny is pitching well and is healthy he will be more apt to make the deal. I think our only answer to all of the Yankees' signings are to be aggressive in the pitching market with high-reward guys so hopefully this is just the beginning.