According to Tom Krasovic of the San Diego Union-Tribune, the Padres have a meager $40MM budget for players this year. They're projecting to be about $4-5MM over, and they'll probably have to trade Jake Peavy and/or Brian Giles at some point to meet the target. Both players have full no-trade rights.
It could be risky to wait on a Peavy trade, since an injury can happen anytime and he might pitch in the WBC. If the new Cubs ownership group will approve Peavy's addition to the 2010 budget, trade talks could reignite (hasn't happened yet). I don't see why Opening Day has to be the arbitrary deadline to trade Peavy - maybe we'll see a rare April blockbuster if the Padres and Cubs' ownership situations necessitate it. Regarding the Felix Pie-Garrett Olson trade as a precursor, Padres CEO Sandy Alderson says too much is being made of it.
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