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Given the M's SP depth and Iwakuma's (right-handed) lack of velocity, wouldn't be surprised to see Iwakuma end up in the bullpen at some point this season similar to Koji Uehara.
Can't help but be thrilled with this deal no matter what happens though. $1.5 million is the going rate for a good utility infielder. Even if the M's had 5 Felixes in their rotation already, it'd still be a great move to snag a potential impact SP or relief ace at that salary *and* without needing to risk being held hostage for future seasons.