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I think if you don't get premium return and there is still an outside chance of competing, you risk letting him walk and carry on.
I think if you extend him, it'll be risky. Just like holding on to him would be. Just like trading him will be. If they extend him, I'm sure there will be many who will scream "too expensive!", "You're nuts!", etc. No one (team fans anyway) who signs Bedard will be comfortable paying what he's likley going to get. If they trade him, those same people will likely scream that they didn't get enough for him. If they hold him and let him walk, those same people will scream that they should have traded him for Pujols or whatever.
It's a great time to watch Z at his job....