Roy Halladay

With the signing of Ryan Howard to a five-year, $125MM deal, the scope of what the Phillies can do heading into the 2012 season has come into greater focus. And at the risk of hyperbole, the key takeaway may be: when the Mayans said the world would end in 2012, were they specifically talking about the Phils?

Let's take a look at what Philadelphia will be spending money on as the 2012 season dawns. Roy Halladay is signed for $20MM. Howard, too, is signed for $20MM.  Chase Utley is signed for $15.3MM. Joe Blanton is signed for $10.5MM, Shane Victorino for $9.5MM, Placido Polanco for $6.4MM, Carlos Ruiz for $3.7MM, and almost certainly, Brad Lidge will be given a $1.5MM buyout.

That's $87MM going to seven players to play and one player to not play. And for their money, the Phillies will receive:

• The age-32 season of a first baseman whose numbers overall have been in decline through age 30, and whose difficulties against lefties make him a good deal less valuable against situational relievers late in games (Howard).
• The age-35 season of a pitcher who is dominant now, but will be 35 years old (Halladay).
• The age-33 season of a second baseman, a position that is notoriously tough on aging players (Utley).
• The age-31 season of a pitcher with a career 4.21 ERA (Blanton).
• The age-31 season of a center fielder whose value is largely tied to his legs (Victorino).
• The age-36 season of a third baseman whose value is largely tied to his defense (Polanco).
• The age-33 season of a catcher whose career OPS is .720 (Ruiz).

Now obviously, the above list merely points out the red flags of the players under contract. Perhaps all seven of them will perform in 2012 as they did in 2009.

The problem is that even if they do, the Phillies will need to make a relatively small amount of money go a long way.

Consider that the team traded Cliff Lee this past offseason, passing up a chance to have a 1-2 punch in the rotation of Halladay and Lee over concerns that Lee would cost C.C. Sabathia-type money ($23MM annually). It seems fair to assume that the money that would have gone to Lee went to Howard instead. In other words, the $140MM threshold the Phillies find themselves at right now isn't far from where they expect to be in 2012. Certainly, they had no intention of being at $160MM, which is where Lee plus Howard would have landed them.

But we want to be fair to the Phillies, so let's split the difference, and plan for a $150MM 2012 payroll. With $87MM gone, Philadelphia has $63MM left over for: three starting pitchers, six or seven relievers, a shortstop, a left fielder, a right fielder, and four or five bench players.

In other words, even without any decline from any of the seven players under contract that year, the Phillies are going to need a lot of their prospects step up. And if they decide to sign current right fielder Jayson Werth and shortstop Jimmy Rollins– both likely to cost $10MM or more annually and both entering their age-33 seasons in 2012- the entire remaining team will have to be low-cost options fresh from the farm system to make the numbers work.

And we haven't even discussed what Cole Hamels, signed for $9.5MM in 2011, is likely to get in 2012 in what will be his final year of arbitration.

With so many holes to fill, it is hard to believe that Philadelphia decided to put so much of its 2012 payroll into Ryan Howard. This analysis doesn't even get into the problems for the team when Howard pulls down a cool $25MM annually from 2014-2016 for his age 34-36 seasons.

For a team that has managed to position itself as the clear favorite in the 2010 National League, such success may be fleeting.