Help in saving my first Catasetum
 

I just noticed that the smaller bulbs feel soft and empty. The one with leaves is firm and so is the biggest bulb. However the smaller bulbs are feeling mushy and empty. What can I do so I don't kill it. Please help. I don't want to lose this one.

Could we get a specific identification? Cycnoches, for instance, have bulbs that only last around 3 or 4 seasons.

Kid is right, those smaller canes have served its purpose: from its reserved energy produced larger canes that blooms....it will get soft, wrinkle and die....

from my reading of the tag, you have Fdk Dark Daze ( Mo. Painted Desert x Ctsm. Brent's Black Hawk ). It looks fine to me and you may even have a spike developing.
I have never had old bulbs go 'soft' and that colour - maybe someone else has and can tell you what to do, if anything. I have had one go yellow but it was dry and hard - I broke it off when I repotted.

You are correct. That is what it is. I really don't want to kill it if at all possible. Do I need to repot into a different media? Stop watering or what? Please help, I am feeling clueless.

Since your plant is a product of Fred Clarke (FDK=Fredclarkeara); you should read his culture on Catasetinae on the (SVO)Sunset Valley Orchids site:

Sunset Valley Orchids - Superior Hybrids for Orchid Enthusiasts