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There's 30 MLB teams to choose from.  What are the traits that make a city desireable for a free agent?  There's plenty.
1) Chance of a ring -- outside of money, often the primary motivation for FA choices.  Major dollar discounts are almost always related to the desire for a ring.  But perception is based on HISTORY.  It's not just about what you have at the moment - that perception is influenced by all the past successes, (or failures), when talent was plentiful.  Seattle's track record here is dreadful -- even with the record for single-season wins, the post-season failures are known.  The Bavasi era obviously did little to improve the club on this axis.
2) Playing for a great coach -- this is linked to item #1 -- but can overcome shortterm problems.  Though a club may not have been recently in the playoffs, a "name" manager can add prestige to an org in attracting talent.  Torre, LaRussa, Pineilla ... Having a first year coach nobody has ever heard of isn't a major selling point.  Get to the Series a couple of time, THEN your name carries some weight.
3) Teammates -- a chance to play WITH someone great can be a draw.  Whether driven by competition or adjulation, star players can attract other stars - (and sometimes will actively recruit).  Ichiro is THE star for the organization, but suffers due to the cultural differences.  While he is highly respected among players - he's not the kind of guy that players are lining up to play WITH. 
4) Organizational rep for its treatment of players -- the Cards have a stellar rep for running a "family" organization.  They prefer to homegrow most of their talent, but even their imports get stamped with the Cardinal Seal over time.  Reputation for HELPING players is also part of this -- Atlanta's run of imported pitcher success stories during the Mazone era was a drawing card.  What is Seattle's rep?  That if you're really, really, really talented - they'll dump you in a heart beat.  Unit, Griffey, AROD -- three Hall of Famers tossed aside in their prime.  Only FA success story of note is actually Ichiro.  An organization that is only willing to compensate fairly if you happen to be Japanese?  It may not be a completely fair perception, but it's out there.
5) Away-from-the-park attractions -- the megalopolises have an edge here - regardless of interests, NY offers it.  LA also has its own set of perks.  Cities like KC, Pittsburgh, Cinci, Seattle?  Being in Seattle doesn't make your X-box better. 
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Is the club making improvements?  Yes.  But, you do not do away with 20+ years of reputation in 6 months. 
Yes, Seattle is advantaged with Bedard in FA discussions *IF* he is really enjoying this season, and his new manager, and the new direction of the team.  But, if the club jumps in and lowballs his first contract offer, and he (or his agent), or insulted - then whatever good will might've been in play can be undone overnight.