At SI.com, Jon Heyman breaks down the contract situation that the Mets face with Carlos Delgado this offseason. Delgado has a $12 million team option for next year, which essentially has an $8 million value because if the Mets do not pick up his option, there is a $4 million buy out.

Heyman decided:

the great likelihood now is that the Mets pick up that option rather than buy him out for $4 million. Since they have to pay him at least $4 million either way, they’re looking at Delgado right now as an $8-million bargain.

The Mets have long been suspected to be a player for big-time free-agent Mark Teixeira. But while they like Teixeira, they also know Teixeira may get 20 times that $8-million figure.

In the article, Heyman also breaks down other option situations from around the league such as with John Smoltz and Jason Giambi

I really don’t like Delgado, but I’m not sure that the options out there are that much better.  I would refuse to pay Teixeira the kind of money he is going to get. 

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