I know it is an unpopular opinion, but maybe we should stay away from the big money free agents and instead attempt to acquire controllable talent through trades. It's pretty clear at this point that dishing out big money in free agency is generally a bad idea, especially for a team like the Angels that 1) has been spurned by it multiple occasions in recent memory and 2) only really has money to acquire Cole + maybe 1 and then have very little financial flexibility in the following season. In my opinion free agency can be very helpful, but it should be used as a way to supplement the talent already present, not as a means of remaking a team.
First let Calhoun go and hand Adell the job in RF. If he falters, give Marsh a shot.
In free agency I would go after short term deals on productive vets in free agency:
One of Chirinos, Wieters, Martin, Gomes to split time with Smith at catcher
One of Howie, Asdrubal Cabrera, Starlin Castro to provide us with added depth around the infield. I really like the idea of having Rengifo in AAA as insurance and Fletcher/La Stella/ One of these guys providing flexibility at nearly every infield position
Sign one or 2 of Kyle Gibson, Hamels, Keuchel, Gio Gonzalez, Wacha
Trade for one of Bundy, Caleb Smith, Kyle Freeland, Joe Musgrove - controllable guys who can fit in as reliable middle of the rotation starters, have shown upside, and won't cost the farm.
And of course the usual waiver claims and minor league deals to bolster the pen