The Phillies didn’t land Roy Halladay, but they have officially declared themselves the team to beat in the National League with Wednesday’s signing of reigning AL Cy Young Award winner Cliff Lee. The Phils now have the unusual problem of having too much starting pitching, with Lee and the also recently acquired Pedro Martinez joining Cole Hamels, Jamie Moyer and Joe Blanton in the rotation, with J.A. Happ and Rodrigo Lopez likely moving to the bullpen.

Speaking of Halladay, according to Toronto General Manager J.P. Ricciardi, trade talks involving the Blue Jays right-hander are dead, but the club remains willing to listen to offers. So, did we learn anything new from that statement? Most likely not, but with today’s trade deadline of 4 p.m. ET fast approaching, it appears that the Jays are unlikely to move him, with the only real contenders for his services being the Red Sox and the Dodgers.

Halladay may be staying put, but Jarrod Washburn isn’t, with the Tigers acquiring him from the Mariners today in a move that improves their status as the favorite to win the AL Central, although the Twins and White Sox still might have something to say about that. Washburn appears to have resurrected his career this year, posting an 8-6 record with a 2.64 ERA, and is well on his way to his best season since he was the ace of the 2002 World Series champion Anaheim Angels staff.

The Red Sox may not get Halladay, but it seems unlikely that they’re not going to add another bat by the deadline, with the rumor mill saying that they’re close to a deal with the Indians that would bring Victor Martinez to Boston, in exchange for Clay Buchholz. Martinez has split time between catcher and first base for Cleveland this year, but it’s unclear how much the Red Sox would plan on using him behind the plate. The deal would make Adam LaRoche expendable, however, so the word is that they’re looking to find a taker for him as well.

The Twins, in dire need to improve upon a weak offensive middle infield, have worked out a deal with the Athletics to bring Orlando Cabrera to Minnesota. He’ll likely replace Nick Punto (.208 BA, .568 OPS) at shortstop, with Brendan Harris already pushing Alexi Casilla (.171 BA, .474 OPS) out of second base duties.

In a couple of smaller, but not insignificant deals involving left-handed relief pitchers, the Dodgers bolstered their bullpen by acquiring George Sherrill from the Orioles, and the Pirates dealt John Grabow to the Cubs.

By the time you read this, of course, a few of the questions regarding potential trades will already be answered. What are your opinions on these recent developments in Major League Baseball? Please share with the bench and let’s get the discussion started.

Following the 2001 season, the Yankees signed Jason Giambi, who arguably should have won his second consecutive MVP that year, to a 7-year deal worth $119 million. His performance approached his two MVP-caliber seasons in 2002, but after that he was generally considered a disappointment. That contract expired following the 2008 season, so as an early Christmas present to their fans, the Yankees replaced him with another $100+ million player.

The Mark Teixeira signing by the Yankees came as a bit of a surprise. Personally, I had the pleasure of breaking the news to a good friend and Mets fan as I saw the ESPN report on the televisions in Dick’s Clothing and Sporting Goods during a little last-minute Christmas shopping excursion. Believe it or not, prior to this year, the Yankees had “only” signed two free agents to contracts–not including Derek Jeter’s extension–with a total value of greater than $100 million (Giambi and Alex Rodriguez) since they last won the World Series in 2000. This offseason, they added two more (Teixeira and CC Sabathia).

Will these be the acquisitions that finally hit pay dirt for the Yanks, successfully ending an eight-year drought? That’s difficult to say, but one thing’s for certain–they now are the odds-on favorite to win the World Series. It will be interesting to see what their outfield looks like now that the Teixeira signing shifts Nick Swisher to the outfield/DH mix that–barring any more changes–includes himself, Johnny Damon, Hideki Matsui, Xavier Nady, Melky Cabrera and Brett Gardner. That, of course, is assuming that Jorge Posada is healthy enough to catch most every day.

So, obviously, determining the mix of positional players will be a challenge, and their defense is virtually assured of being below average. However, they won’t be lacking for offense as the 3-4 combination of A-Rod/Teixeira (or Teixeira/A-Rod), while not quite Ortiz/Manny in their prime, has to be considered the most formidable in baseball.

The Angels made surprisingly little effort to re-sign closer Francisco Rodriguez, allowing him to move east to the Mets, who signed him to a three-year, $37 million deal. Presumably, they were saving their money in an attempt to re-sign Teixeira or, failing that, another middle of the order bat. Well, obviously, they missed out on Teixeira, then indicated that they weren’t interested in Manny Ramirez as an alternative. So, they reversed course and seemingly decided that they weren’t prepared to go into next season with Scot Shields and Jose Arredondo vying for the 9th inning role. They signed Brian Fuentes to be Rodriguez’s successor as closer, agreeing to terms on a two-year, $17.5 million contract.

Fuentes is a solid pickup, and a fairly under-rated relief pitcher. Based on his record breaking 62-save season, K-Rod is somewhat over-rated, so the difference between the two is probably not as great as your initial impressions might lead you to believe. Add to that the fact that Fuentes comes about $3 million per year cheaper, and requires one less year of commitment. But, the pre-Teixeira Angels–with only Vladimir Guerrero as a legitimate threat in heart of their lineup–were anemic offensively, and Vlad seems to be getting old prematurely. I’m not saying his offensive skills have diminished–although his numbers were down last year–but he’s certainly had trouble staying healthy and appears to be constantly playing hurt. So, did the Angels address their most significant need? I hardly think so, but there are still three more months left in this offseason.

So, for the Yankees and Angels, it’s out with the old (Giambi, K-Rod) and in with the new (Teixeira, Fuentes). Both teams, of course, are hoping that the new year brings them a little more–in the Angels’ case–or a lot more–in the Yankees’ case–luck than 2008 did.

Elsewhere on the Hot Stove

In other news, the Cubs traded second baseman/utility man Mark DeRosa to the Indians for minor league pitchers Jeff Stevens, John Gaub and Chris Archer, none of whom are expected to make much of an impact in the majors for the Cubs in 2009. DeRosa–coming off a career year at the plate (.285, 21 HR, 87 RBI, .857 OPS)–is expected to be the Indians’ starting third baseman. The idea of moving shortstop Jhonny Peralta to third and second baseman Asdrubal Cabrera to short had been discussed as part of Cleveland’s offseason plans, but it appears they will leave things as they are for now. DeRosa’s versatility still leaves that option open, though.

The Cubs essentially replaced DeRosa by signing the versatile Aaron Miles to a two-year, $4.9 million contract. He will most likely share time at second base with Mike Fontenot, as well as serve as Chicago’s utility man, having played second, short, third and all three outfield positions last year. The replacement of DeRosa with Miles is one of a few moves that gives the Cubs financial flexibility that they’re expected to take advantage of by signing Milton Bradley. There are also rumblings that they may be looking to re-visit the Jake Peavy trade discussions with the Padres.

Elsewhere, with their eyes on returning to NL West contention in 2009, the Giants signed 45-year old future Hall of Famer Randy Johnson to a one-year contract worth $8 million. The Big Unit’s post-all star break ERA of 2.41 ranked fifth in the National League. He’ll join a rotation that is clearly a strength for the Giants, along with 2008 NL Cy Young Award winner Tim Lincecum, 2002 AL Cy Young Award winner Barry Zito, and Matt Cain–who, despite a 15-30 record over the last two years, has posted solid numbers (3.65 and 3.76 ERAs, better than 2-to-1 K/BB ratios, and just 35 HR allowed in 417 IP in 2007-08).

In the hopeless causes department, Willy Taveras and the Reds agreed to a two-year, $6.25 million contract. The 27-year old reigning National League stolen base leader will be Cincinnati’s center fielder and leadoff hitter, despite a .308 OBP–which ranked 66th out of 72 NL players with enough at bats to qualify for the batting title–in 2008. Even worse, only Michael Bourn’s OPS was worse than Taveras’ .604 mark among qualified NL batters. Using a slightly different definition of that word, the only position Taveras is truly qualified for is pinch-runner and defensive replacement, in this writer’s opinion.

Lastly, the Nationals signed starting pitcher Daniel Cabrera to a one-year, $2.6 million deal. Cabrera, who will turn 28 in May, has been the poster child for unfulfilled potential during his five years in Baltimore. Despite unimpressive career numbers, including a 5.05 ERA and 1.36 K/BB ratio, there’s still enough upside to expect that he’ll be in Washington’s 2009 rotation. The Orioles then signed 6-foot-9 lefty Mark Hendrickson to a one-year contract. He may compete for a spot in their 2009 rotation or fill a bullpen role.

The Yankees’ signings of CC Sabathia and A.J. Burnett, while not necessarily the most economically sound moves, certainly have to make the rest of the league take notice. Despite missing the post-season last year with a payroll of over $2 million per victory, the Yankees still won 89 games while getting significantly less contribution from Chien-Ming Wang, Joba Chamberlain, Phil Hughes and Ian Kennedy than was expected. They will most likely get more out of Wang and Chamberlain this year, and despite the departure of Mike Mussina, the additions of Sabathia and Burnett should easily put them back in the playoff picture.

Don’t expect them to rest on these moves, either. By the time they’re done maneuvering, the Yankees, whether deserved or not, will be the favorite to win the AL East and, probably, the World Series. That distinction, of course, will be based on how the team looks on paper. Translating that to actual success is the thing the Yanks have had difficulty with in recent years.

Since I brought it up, we all know that making economically sound moves is not the Yankees’ modus operandi. In an era where it’s believed that championship contenders are built through a balance of developing good young talent and making key acquisitions of proven veteran performers, fans have become increasingly interested in whether or not their teams are spending their money wisely. That is, all except Yankees fans. Milwaukee Brewers loyalists know that, if they had signed Sabathia to a four-year, $100 million contract, and if he ended up contributing significantly less than being the hero he was last year, the team would not be able to overcome this. Even Red Sox, Mets, Angels and Dodgers fans know that their teams can ill afford to make a monumental mistake with a long-term free agent contract.

Yankees fans do not have this concern. They do not need to care whether or not Sabathia will be overpaid in the 5th, 6th and 7th years of this $161 million deal. If he is anything approaching the Sabathia of 2007 and 2008 for two or three years, he gives them a chance to climb back to the top of the heap. The Yankees have had several bad contracts on the books for quite a few years now, yet last year is the first that they fell short of the playoffs, and, even so, were still in contention for most of the year.

With a team payroll of $201 million for 2008, the Yankees spent $2.25 million per victory. Even the Mets, Tigers and Red Sox, all listed as having payrolls in the vicinity of $138 million, would have been as bad as the Seattle Mariners, the worst team in baseball, at that rate. Yet, if the Yankees improve this “efficiency” to $2 million per, that would translate to 100 wins. Only the three aforementioned teams, plus the Chicago White Sox, would have won as many as 60 games by that calculation.

I think you get my point. The Yankees don’t have to spend wisely to win. They do have to make better personnel decisions, though, and this is something that has eluded them in recent years. Will the Sabathia and Burnett signings, and whatever they do next, continue that trend, or will they finally hit the nail on the head with their major free agent acquisitions? We’ll have to wait and see, but I have to say that A.J. Burnett, who just agreed to a five-year, $82.5 million deal, somehow reminds me of a cross between Kevin Brown and Kyle Farnsworth. Again, we’ll have to wait and see.

The Mets still have some rotation issues to address, including their new #1 priority–the re-signing of Oliver Perez–but they could not have done a better job of shoring up their major area of weakness. The Francisco Rodriguez signing–three years, $37 million–was a no-brainer. With the Angels never making a serious attempt to re-sign him, beyond the contract extension they offered last winter, his move to Queens was a foregone conclusion. The market for closers this off-season was clearly a buyers’ market, and the Mets were the club with the most purchasing power.

The Mets have had a closer of Rodriguez’s caliber for the past three years, though, so would the K-Rod signing be enough to address the area that, inarguably, was the reason the Phillies were better in 2008? Apparently, they didn’t think so. The Mets had setup problems last year, even before Billy Wagner went down with an injury that will keep him out through the 2009 season, so just a day removed from acquiring their new closer, they traded for J.J. Putz in a three-way deal involving the Indians and Mariners.

In addition to Putz, the Mets acquired relief pitcher Sean Green and reserve outfielder Jeremy Reed. The Indians get reliever Joe Smith from the Mets and infielder Luis Valbuena from the Mariners. The Mariners acquire outfielder Franklin Gutierrez from the Indians, outfielder Endy Chavez and pitcher Aaron Heilman from the Mets, in addition to prospects Mike Carp (the key to the deal), Jason Vargas, Ezequiel Carrera and Maikel Cleto.

The Putz acquisition shows that the Mets mean business about not letting last year’s downfall repeat itself. Not only does he instantly become the favorite for the best setup man in baseball, but Putz provides them with an insurance policy they wish they had last year. Well on his way to becoming one of the best closers in the American League–in fact, take a look at the 2007 numbers and try to convince me he wasn’t the best–until injuries set him back last year, Putz gives the Mets a backup plan that no other team has right now.

So, while the Yankees did the most spending–and, some will say, gambling–in Vegas last week, the Mets come away the biggest winners, by playing the percentages and knowing when to double down.

Of course, there were a few other recent moves by, and news items affecting, teams other than the Yankees and Mets. First and foremost, future first-ballot Hall of Famer Greg Maddux announced his retirement, after a 23-year career that included four consecutive Cy Young awards from 1992 to 1995, 355 career wins–the most among active pitchers–and a major league record 18 gold gloves.

On the free agent front, the Phillies signed outfielder Raul Ibanez to a three-year, $30 million deal, a move that signals the end of Pat Burrell’s days in Philadelphia. The Indians addressed their need for a closer, agreeing to terms on a two-year, $20 million contract with Kerry Wood. The Dodgers signed Casey Blake to return as their third baseman, giving him a three-year, $17.5 million deal, with a club option for a fourth year at an additional $6 million. Last but not least, shortstop Edgar Renteria signed a two-year, $18.5 million deal with the Giants.

In trade news, the Braves acquired starting pitcher Javier Vazquez from the White Sox, along with reliever Boone Logan, in exchange for shortstop Brent Lillibridge, catcher Tyler Flowers, third baseman Jon Gilmore and pitcher Santos Rodriguez. The Padres traded shortstop Khalil Greene to the Cardinals for relief pitching prospect Mark Worrell and a player to be named later. The Tigers completed two trades, acquiring starting pitcher Edwin Jackson from the Rays for outfielder Matt Joyce. This move came a day after they sent minor league pitchers Guillermo Moscoso and Carlos Melo to the Rangers for catcher Gerald Laird.

Yesterday saw several interesting, varied and, in some cases, surprising developments in Major League Baseball:

• Mike Mussina announced his retirement after 18 seasons in the majors, just 30 wins shy of 300. This, of course, will set off much discussion and debate regarding his Hall of Fame worthiness. Expect more on that subject from this writer at a later date.
• The World Series champion Philadelphia Phillies (a rarely uttered phrase) announced that second baseman Chase Utley will need off-season hip surgery, which could potentially cause him to miss the first two months, or more, of 2009.
• 39-year old Hal Steinbrenner, and not his older brother Hank, was officially named managing general partner of the New York Yankees, succeeding his father in that role, and taking over the club at an even younger age than George did. Hal then announced that the Yankees will establish a deadline for CC Sabathia to accept their contract offer.
• The commissioner’s office announced that they will make it an official rule that all post-season games will be played to completion, and cannot be shortened due to weather. I can’t imagine that anyone could possibly consider this a bad idea.

A few more significant items from this past week:

• On Wednesday, the Boston Red Sox traded outfielder Coco Crisp to the Kansas City Royals for relief pitcher Ramon Ramirez, in what Keith Law describes as a move that may end up hurting both teams. Red Sox Nation, though, has already anointed Ramirez as the man who will allow Justin Masterson to team with Josh Beckett, Jon Lester, Daisuke Matsuzaka and the soon-to-be-acquired A.J. Burnett as the 5-man rotation equivalent of the ’71 Orioles.
• Also on Wednesday, the Seattle Mariners hired Don Wakamatsu as the 14th manager in their history. More importantly, Wakamatsu, who was the Oakland Athletics’ bench coach last year, becomes the first Asian-American manager in major league baseball history.
• On Tuesday, The Chicago Cubs re-signed starting pitcher Ryan Dempster, with the two sides agreeing on a 4-year, $52 million deal. Dempster, of course, will remain in last year’s role as one of the top three hurlers in the Cubs’ rotation.
• On Monday, relief pitcher Jeremy Affeldt became the first free agent of this off-season to sign, coming to terms with the San Francisco Giants on a 2-year, $8 million deal. The left-handed Affeldt pitched for the Cincinnati Reds last year, and will most likely fill a setup role in front of closer Brian Wilson.

And, just in case you missed anything that happened prior to my last hot stove report:

• On November 13, the Yankees traded utility infielder Wilson Betemit, and pitching prospects Jeff Marquez and Jhonny Nunez to the Chicago White Sox for first baseman/outfielder Nick Swisher and minor league pitcher Kanekoa Texeira.
• Also on the 13th, the Cubs acquired relief pitcher Kevin Gregg from the Florida Marlins for minor league pitcher Jose Ceda.
• On November 12, the Athletics acquired outfielder Matt Holiday from the Colorado Rockies for relief pitcher Huston Street, Greg Smith and Carlos Gonzalez.
• Also on the 12th, the Yankees re-signed relief pitcher Damaso Marte to a three-year deal for $12 million, with a club option for a fourth, in what has to be a record deal for a relief pitcher who is neither a closer nor a primary setup man.
• On November 11, the Washington Nationals traded second baseman Emil Bonifacio to the Marlins for starting pitcher Scott Olsen and outfielder Josh Willingham.
• On October 30, the Marlins began this year’s fire sale by sending first baseman Mike Jacobs to the Royals for relief pitcher Leo Nunez.

I don’t have a lot of analysis this week, but hopefully some of the stories mentioned here will generate some discussion. Meanwhile, I’ll end this with a few predictions as to the domino effect that will decide where a few of the biggest free agents will land:

• CC Sabathia will spurn the Yankees’ offer, and disappoint the players union, but will end up making more per year than Johan Santana did last year as he accepts an offer to play for the Los Angeles Dodgers.
• The Dodgers aren’t going to sign both Sabathia and Manny Ramirez, so Manny will move just southeast to Orange County and sign with the Angels.
• The writing seems to be on the wall that the Angels aren’t going to work that hard to bring Francisco Rodriguez back anyway, but the Manny signing will make this reality even clearer. The only big market team that is shopping for a closer will make K-Rod the late inning King of Queens.
• With the Yankees losing out on Sabathia, and not really being that serious about Manny, their relative quiet on the Mark Teixeira front will pass, as they and the Red Sox compete much harder for his services than they did for Santana’s last year. I haven’t yet decided how this one will turn out.

I’d love to hear the opinions or predictions that any of you may have. Let the discussion begin.