I am certainly not excited about our catching situation; however, I think Cervelli is being under rated. He's produced .271/.339/.353 in the majors. When he got regular playing time his WAR was better than 1. His defense seems to be described usually as around average. At 26, he is likely to be a little better than his career numbers. He definitely would not be one of the worst starters in the league if he became the everyday guy. Sure he would be in the bottom third, but is that really going to kill us, especially when we might actually get a better than average young starter in Romine?
I would much rather see the Yankees get a legitimate bat for the DH/backup outfield duties than overspend on another mediocre catcher.