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Call it ~20 WAR on the pitching side. 6 from Felix, 3 each from Iwakuma and Porcello, 2 each from Marcum and Erasmo, and 4 from the bullpen. On offense... 1 WAR from Shoppach, 0.5 from Ibanez. 1.5 WAR each from Ackley, Wells, and Morse. 2 each from Montero and Ryan. 3 each from Seager, Saunders, Morales and Guti. So 42 WAR, plaus replacement level... pegs the Mariners as something like an 85/86 win team. Pending, of course, Ackley/Montero breakouts. Say 110 on both sides of the ball?
Plenty of cash left over after Morse. 'Sides, Porcello and Shoppach are cheap. Yes, Ibanez is never in the outfield without two other premium defenders.
As for Shoppach, he's just the best FA catcher left available. I suppose you could trade a guy to get someone better, but Zunino'll be here in June... d'you really want to give up talent for a half-season stopgap?