For the sake of argument say 95 wins would get us into the playoffs. I looked at a couple seasons and different teams and the pitchers identified as starters for those seasons in Baseball Reference are responsible for 50-55% of the wins, so we need 46-52 wins from our rotation.
ZIPS is projecting the following wins
Bundy 12
Heaney 9
Canning 7
Ohtani. 5
Sandoval 9
That gives us a projection of 42 wins and does not include a sixth starter. Bauer is projected at 13 wins by ZIPS with Porcello at 11, Happ, Tanaka, and Paxton at 9, Odorizzi at 8, and Wainwright and Fiers at 7. Popular trade candidates are German Marquez (13), Sonny Gray (12), and Hendricks (11)
I think the cost per win for Bauer will be steep, the conversation about pitching every 4th day will be short of had at all with the Angels, and based on history, Mickey Calloway might not collaborate with Bauer. I think option 1 despite all the fun memes is a non starter.
My preference is to build for the long term and trading for an ace and signing a rotation arm short term is best. I also don’t think we have the pieces to get a Marquez or Gray after seeing what the Mets and Padres have been throwing around this off season
So we are left with signing the best two FA pitchers to one year (two years at most) contracts. Adding positions players with any budget we have left and trade for need at the deadline.