I've written about this a bunch on other sites today, but the short version is, I'm not a fan of the Teixeira trade. I will grant that it make the Angels better today than they were yesterday.
Unfortunately, I think it makes them worse in the future. I do not think they will be able to re-sign Tex, and I think that their focus on him will also lead to the loss of Frankie. The Angels will be weaker in the bullpen and at first base next year. They've essentially dealt a productive young player for a two month rental, and in the process signaled that anything short of a World Series Championship this year is a failure.
Tex does not want to stay on the West Coast, and you can forget about the exclusive negotiating window. Tex is a Boras client, and he WILL test the market. The Angels won't outbid all of the Yankees, Red Sox, and Orioles. And if his status hangs for a while, which it likely will with at least four teams involved, Frankie will probably be gone before it's resolved.
The Angels have either misplaced faith in their ability to bring Tex back, or they think Morales will be ready. The counter argument is that this frees up a lot of money to be active on the market AND it gets them probably four draft picks. The picks I like, but the Angels have not shown the ability to be consistently smart on the free agent market. Just ask Steve Finley, Shea Hillenbrand, and Gary Matthews. Not to mention the full court press they put on Paul Konerko.
So short run, it means they have a better chance to win. It also means they have to win, or the deal blows up in their faces. The team will be worse come November and going forward. Now they MUST sign Juan Rivera, and they may need to buy him a first baseman's glove.
I do not like this deal.