Red Sox Hot Stove Report

All is quiet on the Bay front.

Here's what's been cookin' on the hot stove for the Sox:

The Red Sox decided to tender arbitration offers to two of their free agents: Jason Bay and Billy Wagner. Either player had the option of accepting arbitration and remaining with the team on a one-year deal, or if they were to sign elsewhere would net the Red Sox two draft picks. (Note: The 15 teams with the worst records last year have their first round pick protected and would only have to surrender a 2nd round pick instead of the 1st.)

Wagner has already packed his bags after his two month cameo and Boston and signed with the Atlanta Braves on a one-year deal. Because he was a type A free agent, the Red Sox receive two draft picks (the Braves' first rounder and a sandwich pick between the first and second round). This is the best case scenario for the Sox as this is the highest they've drafted since drafting Davis Murphy 17th overall in 2003.

Bay remains a strong candidate to remain with the team but if he does sign elsewhere, the Sox will be entitled to two more additional draft picks from his new team. In a case where Bay signs elsewhere, the Sox will be looking for a bat to replace him in the lineup. The obvious candidate would be superstar Matt Holliday, but if the Sox can't give Bay what he wants, can they really meet the demands of Holliday? A popular name being tossed around as a lower-priced alternative is Jermaine Dye. Although Dye slumped late last year, he absolutely destroys left handed pitching (last year: .292 avg, .895 OPS) and would be a great platoon option with newly-acquired Jeremy Hermida.

All-star second baseman Dustin Pedroia made news a couple of days ago when he said he would be willing to play SS if the Sox decide to sign a 2B. The shortstop free agent class is weak (highlighted by much talked about Marco Scutaro and light-hitting Adam Everett), but the 2B market runs deeper which could give the Sox more options. A popular name being speculated upon right now is 2B Orlando Hudson, who spent last season with the Dodgers. He seemed to fall out of grace in LA last year and after not being offered arbitration would not cost the Red Sox any draft picks to sign. Pedroia last played SS in Pawtucket in 2006 and in 184 games at the position made just 7 errors. Dustin's defensive range has been showcased extensively at second base and a potential move to SS could help the Sox immensely.

The Sox continue to have their hand in the free agent pitching market and have been linked to a number of risk-reward guys like Rich Harden, Erik Bedard, and Justin Duchscherer among others. This is a strategy that has been typical of the Red Sox as they have an organizational philosophy of being 7 or 8 guys deep in the rotation. The price tags for free agent John Lackey and the dangled Roy Halladay appear to be too high at this point of the offseason.

It should be interesting to see how the bullpen market shakes out, as the Sox had been linked to strikeout artist free agents Mike Gonzalez (2.42 ERA) and Rafael Soriano (2.97), but they won't overpay and/or give out long term deals in a bidding war. Look for Theo and crew to try and find a diamond in the rough a la Ramon Ramirez last year.

In other bullpen news, the Sox and Hideki Okajima will reportedly try and work out a contract extension this winter. The team would like to buy out some of his arbitration years, perhaps fearful that he'll make more money through arbitration than they're comfortable paying.

Finally, the Sox lost their Director of Amateur Scouting Jason McLeod, as he elected to join former Red Sox assistant GM Jed Hoyer in San Diego. It's a big loss for the Sox who have built their farm up immensely over the past several years and will now have to replace McLeod within the system.