Best I can make of it is that Frank knew the team was gassed after the last two performances and also knew that historically the Keane - Holgate pairing is a recipe for disaster - especially away from Goodison, so he mostly just set up to make sure that at least we didn't lose. Why 5 at the back against this horrid Watford team otherwise?
I wish Frank would have been much more aggressive with the line-up, or at least changed things up at half-time - even with the same subs he did end up making, just much, much earlier. I think that might have been enough.
Also think the players looked at Burnley's and Leed's next fixtures and figured there was no way they were going to win against Tottenham and Chelsea respectively. Probably figured a point here would be enough for now and the crowd at Goodison would help us finish it off in the next two. But man, that's a super risky way of thinking. God I hope it pans out.