I'm just not seeing it as a massive overpay. Jonathan Papelbon getting 5 years, 50 million, that's a massive overpay. It's a deal I had real reservations about and it obviously hasn't worked out too great, but it's not a crippling blow either.
And your list is a little deceiving. Frasor and Peralta were good value pick-ups by their teams. But the lefties (Howell, Perez, Uehara) are irrelevant because for what the Reds wanted in Broxton, they weren't looking for lefties. Grilli had a lot of suitors and decided to stay put. Joakim Soria is still not recovered from his surgery and has appeared in just 14 games for Texas.