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My sense of the buzz is that teams do have more revenue to spend (from new media, etc.) but they are wary of spending it because they aren't sure if it will continue.  From the ESPN group, anyway, they seem to be saying that the Mariners have the most to spend and the most willingness to spend it.
Two new lines of thought today:
(1) Trade Lopez (for pitching, presumably), Figgins to 2b and re-sign Beltre for 3b.  So Figgins-for-Lopez instead of Figgins-for-Beltre.
(2) Less rich alternative to Bay: Cammy!  Interesting.  Feel good story, but also some very interesting mix-and-match opportunties with Saunders, Guti, Figgins.
In a bidding war, Bay will be paid in years, so a short-term option would certainly maintain the flexibility to blend in Saunders, Tui, Ackley, Triunfel sooner rather than later.
And talk about wanting to build around defense: if your FA signings are Figgins, Beltre and Cammy.