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This Date In Transactions History: Pedro Martinez

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The 2003 season ended in heartbreak for the Red Sox, whose hopes of capturing their first World Series since 1918 were dashed in Game 7 of the ALCS, when Aaron Boone channeled his inner Bucky Dent and inherited a new nickname: Bleepin'.

You certainly couldn't blame Pedro Martinez for the Red Sox's shortcomings that year, though. Boston's longstanding ace was worth nearly 7.9 wins above replacement across 186 2/3 innings, pitching like a guy who really wanted his $17.5MM contract option picked up for the next season. Thing is, his option had already been exercised — on this day in 2003.

That's right: Boston picked up Pedro's option — the highest single-season salary for a pitcher in MLB history — about seven months prior to what would have otherwise been a November deadline. In addition to the usual risks (injury, decline) of exercising an option before it's necessary, consider that Martinez would turn 32 later that year and had already taxed his slender frame for nearly 1,900 career innings.

While we could debate the process, the result must be considered a success for Boston. The Red Sox rebounded from the disappointment of 2003 to finally capture that elusive World Series title in 2004, sweeping the Cardinals. Martinez did, in fact, begin a steady decline in 2004 (at least relative to his mid-career production), but the beginning of his decline phase was still worth an excellent 5.7 wins above replacement — or $17.7MM, according to fangraphs. Talk about an even exchange.

The Red Sox allowed the legend to walk via free agency after 2004 in a surprisingly unsentimental move for a team that was all too eager to keep one of the most popular players in franchise history only a year and a half earlier. They apparently knew that it's better to burn out than it is to rust, as the Mets absorbed the brunt of Pedro's iron-oxide accumulation in the form of a four-year contract from 2005-08.

That bold decision proved prudent, as did the bold move the Red Sox made on this date in 2003.

Lucchino: Red Sox Willing To Add Payroll

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The Red Sox opened the season with the third largest payroll in baseball according to USA Today, but they are open to going to even higher under the right circumstances. Team president Larry Lucchino told Jim Duquette and Mike Ferrin of MLB Network Radio that they're willing to add payroll to improve the pitching staff even if it takes them over the luxury tax threshold.

"I don’t think there’s any question about that," said Lucchino. "We’ve been above the threshold the last couple of years … Our goal is to field a team with more homegrown players, fewer free agents, and to have a more manageable payroll down the road. But if you’re asking about this year, we understand that each year has to be taken on its own and this year our payroll is going to be, I’d hate to make a guess, but it’ll be well over the $178 million dollar threshold."

Boston opened the season with a payroll just north of $173MM, but that number only includes the 25-man active roster and players on the disabled list. The full 40-man roster and player benefits are counted towards the luxury tax.

"It’s important to us to get under the threshold when we can, depending on when the circumstances will allow us to do so," added Lucchino. “Ultimately we’d love to field the team we need to field with fewer dollars, if that’s possible at the major league level. We’re always going to invest a tremendous amount of money into scouting and player development because that’s the secret."

The Yankees have also spoken about getting under the luxury tax threshold in the coming years, a move that would reset their luxury tax rate and qualify them to receive a rebate of a portion of their revenue sharing payments. The Red Sox would receive the same benefits by getting under the threshold.

The obvious target for pitching help would be Roy Oswalt, who remains a free agent. The Red Sox could also absorb money in a trade once the market begins to develop in a few weeks. An impending free agent like Jeremy Guthrie or Ryan Dempster could become a target, but that is just my speculation.

Red Sox Notes: Bard, Lester, Padilla

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The last time the Red Sox played a regular season game, they lost to the Orioles and the 2011 season ended in heart-breaking fashion. They'll look to start the 2012 season off with a win when they take on the defending AL Central champions in Detroit this afternoon. Here are some links in the meantime…

  • Red Sox GM Ben Cherington said on WEEI that he didn't consider putting Daniel Bard back in the bullpen this spring, Rob Bradford of WEEI.com reports (Twitter links). The Red Sox haven't made Bard promises going forward, but they view him as a starter for now.
  • Former Red Sox scouting director David Chadd won't be watching when his current team and his former team open the season at Comerica Park today, according to John Lowe of the Detroit Free Press. "I'll be out trying to find another Jon Lester," said Chadd, who’s now a VP with the Tigers. Before Lester became a star in Boston, Chadd scouted and drafted him. "I saw a 6’4” left-hander with a great delivery with a good arm," Chadd said.
  • Tony Massarotti of the Boston Globe proposes that the Red Sox could have made Vicente Padilla their closer to keep relievers such as Alfredo Aceves and Mark Melancon in their previously-assigned roles. Manager Bobby Valentine says the save opportunities will go to Aceves for now, however. Be sure to follow @closernews on Twitter for the latest updates.

AL East Links: Bailey, Farnsworth, Alvarez, Yankees

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It was on this day in 1919 that Yankees outfielder Ping Bodie defeated an ostrich named Percy in a spaghetti-eating contest.  The valiant bird made it through 11 plates before finally passing out.  We here at MLB Trade Rumors usually stick to reporting transactions, but we promise to provide up-to-the-minute coverage of any modern player vs. bird eating duels.

Here's the latest from the AL East…

  • The Red Sox announced that Andrew Bailey will undergo surgery on his right thumb's UCL tomorrow, a procedure that a team source tells Michael Silverman of the Boston Herald will sideline Bailey for 4-5 months (Twitter link).  The Rays look like they'll also be without a closer, as Kyle Farnsworth is expected to start the season on the DL with an elbow issue.  To keep tabs on who the Sox and Rays will use in the ninth inning, follow Tim Dierkes on Twitter @CloserNews.
  • Red Sox GM Ben Cherington says he is continuing to explore external pitching options since he never feels comfortable about the club's depth, tweets Michael Silverman.
  • Blue Jays right-hander Henderson Alvarez has switched agencies and is now being represented by Proformance, reports MLBTR's Tim Dierkes.
  • No team claimed either Jayson Nix and Dewayne Wise today so both players will start the season with the Yankees' Triple-A affiliate, tweets Jack Curry of the YES Network.  Any team that had claimed Nix or Wise would've had to put them on their 25-man roster.
  • With more teams willing to spend money on signing or extending top pitchers, Joel Sherman of the New York Post feels the Yankees need their young arms to deliver since the Bombers can no longer rely on outspending the competition.
  • Rule 5 draft pick Ryan Flaherty will make the Orioles, and thus will have to spend the entire season on the team's 25-man roster or else be offered back to his original team, the Cubs.  Eduardo A. Encina of the Baltimore Sun relates how O's manager Buck Showalter told Flaherty the news in front of the rest of the team.

Quick Hits: Padres, Luebke, Red Sox, Dodgers, Brewers

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Friday night linkage..

Quick Hits: Red Sox, Damon, Axford

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On this date 20 years ago, the Cubs released 29-year-old left-hander Jamie Moyer. The southpaw didn't pitch in the Major Leagues again that year, but he returned in 1993 and has since pitched 3,300 innings and won 233 games. His career isn't over yet, as the Rockies may add him to their rotation. Here are today's links…

  • The Red Sox had complete access to Chris Carpenter's medical records before acquiring him from the Cubs, Nick Cafardo and Peter Abraham of the Boston Globe report. The reliever also passed two physicals earlier this year, so the Red Sox aren't likely to obtain a different player from the Cubs as compensation for Theo Epstein even though Carpenter underwent elbow surgery yesterday.
  • ESPN.com’s Buster Olney wonders if the Indians could pursue free agent Johnny Damon instead of trading for Bobby Abreu (Twitter link). Dave Cameron of FanGraphs explores the Damon-Indians possibility and says it's hard to argue he’s a worse option than Abreu.
  • The Brewers have exchanged figures with closer John Axford regarding a possible extension, Jon Heyman of CBSSports.com tweets. "I'm not going to jump at anything," Axford said.

Quick Hits: Cain, Hosmer, Team Values, Izturis

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Ichiro Suzuki and Yoenis Cespedes are the early stars of this young 2012 season, with the rest of the league waiting until next week to catch up to the Mariners and Athletics.  Here's some news from around the majors…

  • Matt Cain reiterated to reporters (including Henry Schulman of the San Francisco Chronicle) that Opening Day is the "cutoff" for contract talks between him and the Giants.  Cain said Giants GM Brian Sabean feels the same way.  Larry Baer, the team's CEO, discussed the Cain negotiations and more in a live chat with fans earlier today.
  • Royals first baseman Eric Hosmer is in no hurry to sign a multiyear contract, he tells Tyler Kepner of the New York Times.  "There’s a long time for that coming,” Hosmer said of a possible contract extension. “For me, I haven’t even experienced an opening day yet….I feel like it wouldn’t even be fair to this team to start thinking about that.”  Last January, MLBTR's Mike Axisa featured Hosmer as an extension candidate.
  • Sports business consultant Marc Ganis tells ESPN New York's Adam Rubin that if the Dodgers are worth $2.15 billion, it greatly raises the ceiling for the prices of baseball's big-market teams.  Ganis estimates the Yankees would be worth $4 billion, the Red Sox $2.5 billion and the Mets roughly $1.5 billion.  Only the biggest markets would have higher price tags, however, since they offer the most lucrative local broadcasting deals.
  • Also from Henry Schulman (Twitter links), Gregor Blanco says he chose the Giants over the Marlins in the offseason since San Francisco hitting coach Hensley Meulens promised Blanco a legitimate chance at a roster spot.  It looks like Blanco made the right choice, as he's poised to start the season in the majors after a big Spring Training.
  • Alexi Amarista's impressive camp has made him a candidate for a utility job with the Angels, but Mike DiGiovanna of the L.A. Times says Amarista is too inexperienced at the big league level to make Maicer Izturis expendable.  Izturis' name has been connected to a few trade rumors this spring as several teams are in the market for infielders.
  • Cesar Izturis (Maicer's older brother) has been told he will make the Brewers' roster, says team media director Mike Vassallo (Twitter link).  Izturis' minor league deal with Milwaukee allowed him to ask for his release if he wasn't on the 40-man roster by March 30, but now his $875K salary for 2012 is guaranteed.
  • MLB.com's Jordan Bastian (via Twitter) predicts the Indians to make a "big roster reduction" on Saturday as the team starts to pare down its roster from its current 41-player state.  Bastian says the Tribe has been "looking at trades" as well, and indeed Cleveland has at least one notable deal reportedly in the works.
  • If the Angels cut Jason Isringhausen, the veteran reliever tells MLB.com's Alden Gonzalez that he'll probably retire, though there's a slight chance he'll keep pitching if he gets the right offer.  "It depends on who's that team that might call, who they'd be," Isringhausen said.

AL East Links: Rays, Epstein, O’s, Eveland, DePaula

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Blue Jays prospect Anthony Gose stole second, third and home all during the eighth inning of the Jays' 3-2 win over the Red Sox today in Grapefruit League action.  The young outfielder will begin the season in the minors but he's definitely drawing attention — Baseball America named Gose as baseball's 39th-best prospect in its preseason rankings.

Some news from around the AL East….

  • With B.J. Upton and Sam Fuld starting the season on the DL, the Rays are looking for outfield help, reports Ken Rosenthal of FOX Sports (Twitter link).
  • The Red Sox and Cubs seemed to have completed the compensation package for Theo Epstein's move to Chicago earlier today, but Michael Silverman of the Boston Herald hears from a team source that the Sox aren't quite satisfied.  Chris Carpenter underwent elbow surgery on Wednesday and while the Red Sox believe the Cubs gave up Carpenter with no knowledge of any injury problems, Boston "is weighing its options" about whether the matter should be revisited.
  • Dan Duquette told reporters (including Dan Connolly of the Baltimore Sun) that before Spring Training ends, the Orioles "have a few player contracts we need to resolve in camp, and we have had some tertiary trade discussions.”
  • Connelly thinks Duquette will try to trade Dana Eveland (designated for assignment earlier today) if the Orioles think the southpaw will get claimed on waivers.  Eveland, for his part, tells Roch Kubatko of MASNsports.com (Twitter link) that he will accept a minor league assignment if he clears waivers and the O's wish to keep him.
  • Rafael DePaula passed his physical and his Yankees contract is now official, reports Ben Badler of Baseball America.  The right-hander initially signed a $500K deal with New York in November 2010 but his attempt to get a visa was delayed since DePaula used to play under a false identity and was suspended by Major League Baseball in 2009.

Minor Moves: Bard, Sullivan, Pearce, Michaels

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Here are the latest minor moves from around MLB…

  • The Dodgers released Cory Sullivan and catcher Josh Bard, tweets Dylan Hernandez of the Los Angeles Times.  The pair both signed minor league deals with L.A. in December.
  • The Yankees have signed Steve Pearce to a minor league contract, reports Josh Norris of the Trentonian (Twitter link).  Pearce, a former well-regarded prospect with the Pirates, signed a minor league deal with the Twins in December but was released on Tuesday.
  • The Nationals released outfielder Jason Michaels, the team announced. The Nationals signed the 11-year veteran to a minor league contract in December.
  • The Brewers signed catcher Jason Jaramillo to a minor league deal, Tom Haudricourt of the Milwaukee Journal Sentinel tweets. The Cubs released the backstop a couple of days ago after signing him to a minor league deal in January.
  • The Red Sox released catcher Max St. Pierre, according to Sean McAdam of CSNNE.com (on Twitter). SoxProspects.com first reported the transaction.
  • The Brewers released Corey Patterson then re-signed him to another minor league contract, Adam McCalvy of MLB.com reports (Twitter links). Patterson, who signed a minor league deal with Milwaukee in January, will start the season at Triple-A.
  • The Indians announced that they acquired right-hander Jairo Asencio from the Braves for cash. The right-handed reliever led the International League in saves in 2009 and 2011 and posted a 1.81 ERA with 11.5 K/9 and 3.6 BB/9 in 54 2/3 innings at Triple-A last year. Asencio is out of options.
  • The Mets have signed infielder Josh Rodriguez to a minor league deal, Adam Rubin of ESPNNewYork.com reports. The Pirates selected the 27-year-old in last year's Rule 5 draft, returned him to the Indians in April, and traded for him in June. Rodriguez, who played in seven MLB games last year, posted a .258/.323/.349 line in 330 plate appearances in the upper minors.

Cubs, Red Sox Finalize Epstein Compensation

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After a months-long wait, the Cubs and Red Sox have finalized the compensation for Theo Epstein. The Red Sox sent 19-year-old prospect Jair Bogaerts to the Cubs to complete the deal, MLB.com's Carrie Muskat reports.  

The Cubs sent relievers Chris Carpenter and Aaron Kurcz to Boston as compensation for Epstein earlier in the offseason. Carpenter will undergo elbow surgery, but the Cubs say the operation wasn't caused by a pre-existing condition. “It’s certainly something we had no knowledge of,” GM Jed Hoyer said, according to Muskat. “I don’t think he had any elbow issues for the last two years. It’s unexpected and unfortunate."

Bogaerts completed his second pro season in 2011. The first baseman posted a .288/.387/.404 line in 186 plate appearances in the Dominican Summer League. He is the brother of top Red Sox prospect Xander Bogaerts.

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