From Jeff Blair:
Fasano will compete with Jason Phillips for the job as Gregg Zaun’s backup. Because he has a minor league deal with an invitation to spring training, Fasano will be given the option of choosing free agency if he doesn’t win a spot on the 25-man roster out of spring training. If he does make the roster, however, Fasano will be making $600,000 (U.S.) for the season.
From the Globe article it sounds like Fasano is willing to play in the minors if that's the only option. He'll provide insurance in case Zaun or Phillips gets hurt and it can't hurt having a veteran catcher around to mentor Curtis Thigpen.
On the David Wells front Ricciardi downplayed the Jays interest:
"I don't really see much coming of it. I think it's a lot being made about nothing right now. We don't have a deep interest in him right now in the sense that we've talked about [a type of contract]," Ricciardi said. "I'm not even going to get ahead of myself."