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A replacement level player like Bard would be a massive upgrade over Moore/RJ from last year. That was a uniquely incompetent situation.
Another concern with Olivo is the age. You've locked him up two years. If hes finished in '11, then you're stuck with him in '12 like we're stuck with Jack Wilson this year.
As a pure stop-gap its ok (just shows lack of vision), but the two years makes it risky.