He's looking pretty cuttable, but the bullpen is still rather thin. Expecting them to pick up two quality arms isn't necessarily enough even if Luzardo replaces Alvarado. Romano will probably be more like Seranthony and Soto in 2023, limited use.
And I'm not sure this bullpen is really that much worse than 2022, when it was Famiia getting cut and Robertson replacing Kneble and Seranthony not looking reliable during the season, with Eflin in the pen. Brad Hand and Bellatti were solid but not the high-end guys. 2023 was only scarcely better with Lorenzen not helping, a cooked Kimbrel and a not-ready Orion. Last year was our best bullpen, until it wasn't.
Romano will of course be one of the best relievers in MLB next year probably, and Phillies will probably hand out a longer contract they shouldn't, or the controllable guy they trade for this year will disappoint at some point.