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Here's our pitching contract situation: 
Felix - through 2014
Pineda - through 2016
Vargas - through 2013
Fister - through 2015
Bedard - through 2011
 Vargas and Felix are both about to get more expensive.  Maybe we do use the majority of our FA funds on Bedard. But we also have the following arms in system: 
Hultzen (assuming a signing), lefty who could be ready in a couple of months to a year.
Erasmo Ramirez, RH who can come in with ridiculous control and be a #5 pitcher shortly.
Andy Carraway, another RH control pitcher but one who is taking easy laps around AA
Mauricio Robles, lefty who strikes out 10+ per game through AAA and is coming off an injury - might move to the pen.
James Paxton, lefty who is currently striking out 12+ with bad control but should be at A+ or AA by the end of the year.
 A couple years away they also have Maurer, Wilhelmsen, Walker...
That's a decent selection of potential #3-#5 guys for a team that only needs one in the next 3 years - or none if Bedard is back.
If we sign Bedard, and expect Hultzen to come up before 2014 (which, uh, yeah...) then we've got to trade Fister or Vargas.
And since Bedard has status as an ace that neither Vargas nor Fister has, he can probably get more in trade.  If we wanted to re-sign him in the offseason that's certainly one way to go, but it doesn't prevent us from trading Bedard in July.
If we'd drafted Rendon, then you could make the argument that signing Bedard to lock down the rotation is a better option.
Once Ackley gets here, though, there aren't a lot of potentially-plus hitters left in the upper minors that you could expect to help us soon.  We have other role-players that could come through, but it'd be a great boon to get another plus hitter in here.
If we can't re-sign Bedard then we lose him for nothing after the season.  No draftpicks, nothing.  If we're trying to win this year, I get that, but then somebody else (like Walker) is going out the door to improve the offense.  We NEED offensive help, this year and in future years.  And some arm is leaving us to make that happen.  
I still expect it to be Bedard, assuming success and healthy follow him into July. ~G