Having been to Cedar Point an average of 20-30 days per year for the past 9 years (until our move to Green Bay this summer and we still made it a couple times before moving), I'd have to say either Castaway Bay or the cottages/cabins. If it's supposed to be cool weather, I'd go with Castaway Bay. My kids are a bit younger (11, 13, 14), but have really enjoyed it. We've also been to Tundra Lodge and Great Wolf which are similar but they liked CB a lot better, probably because of the water rollercoaster - just a bit "cooler".
Because of the kids' ages, they won't want to spend an entire day at CB, but it's a lot cooler than Hotel Breakers pool, which although it may be open, will be COLD now. I know they have an indoor pool next to Friday's as well, but it's always incredibly hot in there (I can't breathe!) and incredibly crowded. Even if it's crowded at CB, there's a place they can shoot hoops in the water which is the main thing my kids did after exhausting the slides. Maybe hit the parks in the mornings (before crowds), waterpark in the afternoon, then back to parks in the evening.
If you don't want to go this route, the cabins are REALLY nice and I know early season we've paid like $120 for them, so doubt they're over $200 if available now. The cabins (I believe - I always get them mixed up!) have a really cool loft above that could easily sleep all the kids in sleeping bags (I really think you could sleep about 8 people up there - it's just a big carpeted area), plus there is a living room with 2 futons and a bedroom with a double bed. You could sleep in there and close yourself off from them and they could choose between the futons, upstairs (which overlooks the futons) and have the kitchen & bathroom to hang out in. I believe the cottages have a room with bunks but no loft - we've never stayed in them.
Hotel Breakers is basically a hotel. I don't think the pool is anything exciting and the rooms certainly aren't. Only selling point is the proximity, and the cabins aren't much further. (Teenagers would have no trouble walking back and forth). I really think they would think of the cabin as much more of an adventure.
However, I'd choose CB over any of these. There's a huge arcade (although this may be a negative for you!). If you think the kids would be too "cool" for a waterpark, however, check out the cabins.
mjkacmom - I would definitely agree that the cabins would be better for your situation, especially since you'd only need one. As I said earlier, the younger kids could easily all sleep upstairs, and the adults could have the 2 double futons or the bedroom and it would be like a slumber party. Plus you don't have noise from other people, and you have a kitchen so you can make popcorn, store pop, etc.
Feel free to ask any questions and good luck everyone! We miss CP!
I had been quoted online, prior to the computer shutting down a total of $239.00. I ended up calling cedar Point directly and got a room at the Hotel Breakers in the old section (which I prefer) for $144.oo total! I saved about $100 because my computer shut down at the exact right moment! 
