After a visit to the Andrew McCutchen page at Baseball Reference, I am feeling much more positive about this signing.
First, I had somehow gotten it in my mind that he was 35 or 36 when in fact he just turned 32 after the season ended. That makes a huge difference in my view of the signing.
I am pleased to see that even with his total OPS slipping below .800, he maintained a solid OBP and had 95 walks. For the 8th year in a row, he hit 20 or more home runs. I think that there is a good chance that he will be a solid producer both offensively and defensively for the next two if not three years.
I agree with not waiting for the Harper and Machado signings to sort out. While I would like one or both with the Phillies, I want an improved Phillies team even if both sign elsewhere. I look for a LH starter and a solid closer capable reliever to be added next.