Baltimore has had a bad offseason. They got good deals on Jimenez and Cruz but that's all they've done. They haven't fixed the bullpen and they still don't have enough starting pitching.
Don't forget that the O's have even less payroll flexibility than the Braves do. And have just reeled off two winning seasons after over a decade of utter failures. Rome wasn't built in a day -- their starting lineup is extremely solid (and young), and Ubaldo and Yoon (possibly Santana) could really solidify their pitching staff. Bullpens are the easiest component of a MLB team to build, so I wouldn't worry too much about that.