AA loves a good pen and we only have 4 reliable arms now with Dylan Lee and the other 3.
Daysbal is still a question mark, but he has options so he could earn a spot or start out in AAA again
Holmes will be stretched out and probably start the season in the rotation.
So we need 3 new bullpen arms and preferably for 1 of them to have options, so it’s not Daysbal always going down.
Obviously, Iglesias, Johnson, Bummer, and Lee are quality options. Add Hernandez to that mix and you have five "probable" arms.
It remains to be seen how they deploy Holmes, but I wouldn't be surprised if he's in the fifth/sixth/starter starter mix, along with Ian Anderson and AJ Smith-Shawver; if so, Allan Winans may lose his spot on the 40-man. I see Huascar Ynoa as a likely non-tender candidate, as well. Holmes could also be the sixth "probable" arm, and function as an opener/swingman/longman once Strider is back, et cetera.
Conversely, they've held onto Angel Perdomo and Ray Kerr for this long, so I'd expect both—once healthy—to be in the back-of-the-bullpen mix (and indeed Perdomo, assuming no setbacks, should be available out of the gate). And then they have Royber Salinas and Domingo Gonzalez in the "optionable depth" bucket.
Given Anthopoulos' past proclivities, I wouldn't be surprised to see him add one more "less questionable" option (which could even be Minter on a one-year "prove it" deal), as well as a few more optionable flyers. But, for once, I don't expect the bullpen to be a major source of significant transactions (which means Anthopoulos et al will probably do exactly that ...).