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Signing Kendrys makes Smoak and LoMo that much more valuable to other teams in trade packages since he's off the table. There just aren't that many 1B out there, and with guys like James Loney getting multi-year contracts there is legitimate value to those two as trade pieces -- NOT throw-ins, as it so often suggested in the local blog-o-sphere.
Now we're getting into the meat and potatoes of roster construction and maximizing a position of strength ;) If Kendrys really can play 60-100 games at 1B, then the M's should absolutely be first in line with an offer. If he can't, then he is still quite valuable as a solidifying MOTO presence. If LoMo and/or Smoak are hitting like Kendrys at mid-season and everyone's healthy, then you can flip him to plug a hole. If they're struggling (as both have been known to do for, oh, multiple years at a time) then he's a stabilizing force and gives matchup options.
Don't get me wrong; if Andrew McCutcheon was available I'd break the bank for him. Good glove men with plus bats earn MVP votes for a reason, but if what's available is a bunch of bashers who overlap positionally, be thankful you've at least managed to shore up the offense -- something we've FAILED to do for most of the last decade.