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I used to be a big believer in investing lots of cash in the pen but (as happens in real life) relievers aren't always consistent.
I usually have a 6 man pen, though I'll drop it to 5 if (A) I have a good collection of endurance relievers and (B) my starters tend to go long.
I stopped spending money on a "closer" a long time ago. I tend to the committee approach. I try to keep two or three relievers that can go 1-2+ innings in any situation. I try to have at least one good lefty for situational issues. Finally, I stick an extra starter here: either someone who got bumped from the rotation by a hotshot rookie or a hotshot rookie. This way when one of my starters goes down he can step in (and then I'll bring someone else up).
The pen is critical. If any of my relievers' ERA creeps up beyond 4 I begin scouting for a replacement. Over 162 games it may not be that huge a deal, but come playoff time they all have to be lights out.
--chris
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