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I remember the Mariners had the opportunity to sign Jason Bay but didn't want to pay him as much as the Mets were offering.
Jack seems to be in on everyone, but he seems unwilling to pay up in order to get the player he wants. Considering how bare the cupboards were when he took over, it wouldn't be wise to do so. If Bill Bavasi had waited to open up the pocketbook until the M's were close to contention, we would have made the playoffs. Richie Sexson was nice in 2005 and 2006 and probably added a few wins to those teams. However he was worthless by the time the M's were positioned to compete.
The Mariners need to get the core of their next pennent winner in place before they start making blockbuster moves to fill specific needs. The core is young and we don't know who will make it and who will wash out. This will be a year to throw a bunch of spaghetti against the wall and see who sticks.
If you can make yourself better without taking on too much long term risk, I am in favor of such a move. If we look like a contender  next winter, THEN I will be rooting for a big move.