BRG,
We ran into the same sort of deal back in 2007; disastrous freeze at Easter, then 1" of rain between May 10 and Nov 30. Local hay production was almost nonexistent - folks were paying $90/roll for cornstalks or CRP residue cut in late October (I saw some full of 2" diameter honeylocust trees).
We bought and trucked in ( swore I would never pay that much, but it was less than some people were paying for local junk) expensive hay from out west - but it's looking like that may not be available this year - glad I've already got my 5 semi-loads stacked and covered.
We limit-fed hay and distiller's grain product. Cows got ~ 10# hay/day - about an hour and fifteen minutes at the hay feeders, then they got 8-10# modified distiller's grain. After that, they had to stand around and wait 22 hrs til the next feeding - 'cause there was nothing else for them to do or eat. They did just fine - actually came through the winter in better shape than in years past, when they had free-choice access to all the sorry locally-produced hay they could eat.
Worked so well that we've continued the practice; from October to February, they are essentially dry-lotted and limit-fed, then go back to stockpiled grass in late Feb/early March. Cows are much easier to handle now, and it makes Fall AI breeding a lot simpler, too.
Last year, price of distiller's grain was almost as high as the hay, on a per head/day basis; looks like it might be even higher this year. But, we're still planning to feed it.