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I'm pretty sure the Mariners already have the money.  Baker has done a great job explaining this many times and both of his last posts went through the reasoning.  He may be wrong, but he sure writes a compelling case.  The M's probably  can afford a Texiera-level contract for Fielder.
I think the question is, are the Mariners owners in it like the Angels and the Rangers owners?  Or are they in it like a higher payroll version of the Athletics?  The M's and the A's have smart GMs bringing in good, young, inexpensive talent.  The M's can afford to sign Felix and Ichiro, but the A's can't even do that. 
Do the M's want to play in between in the middle of the division and hope for years where everything goes right and get to the playoffs?  Or do they play for the playoffs every year?  
I think signing Fielder would make 2012 a year where if everything goes right, the M's can contend for the playoffs.  I can see how Fielder and a trade for a second impact player could make the M's almost to the level of the Angels and Rangers.  I can see how Fielder, Darvish, and a trade for an impact OF, SS, or 3B could make the AL West a monster division.
I don't know how far the M's payroll can go or if they view Fielder the same way I do, but I'd at least like to see the M's go for the top of the division instead of the middle.