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My view is that the only reason the club DID offer Beltre arbitration is because they already got an indication from him that he would not be accepting.  It is not unusual at all for the nudge-nudge, wink-wink arb offer ... where the guy leaving is just trying to throw a bone to his old club.
BUT, the sequence ALSO likely helps Beltre's market value.  IF the timing is, the Ms sweep up one of the other juicy 3Bs on the market, and then Beltre walks ... Beltre is suddenly the star 3B left and the leverage for the NEXT team to look elsewhere is reduced.
Sounds like the Figgins money isn't going to hurt whatever offer Beltre may be getting.  So, Beltre helps out the club by sloshing a draft-pick to them, ("Sorry I sucked so bad last year, guys"), and in costing his new team a draft pick, that's one less body to compete for his NEW job for the next 3-5 years.
I'd be stunned to see Beltre return at this point.  But, as noted, Figgins can play all over the place, so it wouldn't be devatstating to the club if that happened, (assuming Beltre is healthy in 2010, and returns to normal production level).
As is ... I like the Figgins addition because the club has been desperate for OBP help.  Yes, they still need power help, but given the current roster, I think OBP help will be a more immediate plus.  In 2009, the club was last in walks.  They weren't last in HRs.  But, the move does put pressure to get more power out of LF/DH.