The trade deadline has come and gone and left a TON of trades in it's wake. We've compiled a list of all the trades that occurred during the entire month of July in one giant trade recap. One interesting note, unless I've missed something, 27 of the 30 teams completed at least one trade last month. The Astros, Angels, and Rangers were the thre teams to stand pat in July.

• The Cubs traded for Jeff Baker from Colorado for Alberto Alburquerque.
• The Indians traded Joan Meloan from the Rays for Winson Abreu.
• The A's traded Ryan Webb, Greg Italiano, and a PTBNL (Sean Gallagher) for Scott Hairston from the Padres.
• The Orioles traded Ryan Freel to the Royals for a PTBNL.
• The White Sox acquired Tony Pena from Arizona in exchange for Brandon Allen.
• The Royals acquired Yuniesky Betancourt from Seattle for Danny Cortes and Derrick Saito.
• The Mets and Braves made a straight up trade of Ryan Church and Jeff Francoeur.
• Seattle acquired Jack Hannahan from the M's for Justin Souza.
• The Brewers traded for Felipe Lopez from the Diamondbacks for Cole Gillespie and Roque Mercedes.
• The Orioles and Padres made the second straight up trade of Oscar Salazar and Cla Meredith.
• With the third straight up trade, the Cards sent Chris Duncan to Boston for Julio Lugo. Lugo was recently DFA'd by the Red Sox.
• The Red Sox added another left-handed bat when they acquired Adam LaRoche from the Pirates for Hunter Strickland and Argenis Diaz.
• The Cardinals acquired slugger Matt Holliday for Brett Wallace, Shane Peterson, and Clayton Morentsen.
• The Giants trade Scott Barnes to the Indians in exchange for Ryan Garko.
• The Pirates and Mariners made a 7 player deal that sent Jack Wilson and Ian Snell for Jeff Clement, Ronny Cedeno, Nathan Adcock, Brett Lorin, and Aaron Pribanic.
• The Reds acquired Wladimir Balentien from Seattle in exchange for reliever Robert Manuel.
• The Yankees acquired Jason Hirsh from the Rockies for a minor leaguer and released Brett Tomko to make room.
• The Phillies traded for Cliff Lee and Ben Francisco for Carlos Carrasco, Jason Donald, Lou Marson, and Jason Knapp.
• The Giants acquired Freddy Sanchez from the Pirates in exchange for Tim Alderson.
• The Royals acquired Josh Anderson for cash considerations after he was DFA'ed by the Tigers.
• The Dodgers acquired George Sherrill from Baltimors for Josh Bell and Steve Johnson.
• The Cubs acquired both Tom Gorzelanny and John Grabow from the Pirates for Kevin Hart and Jose Ascanio.
• The Tigers acquired Jarrod Washburn for Luke French and Mauricio Robles.
• The Dodgers and Brewers swapped Vinny Rottino and Claudio Vargas.
• The Red Sox made the biggest trade by acquiring Victor Martinez in exchange for Justin Masterson, Nick Hagadone, and Bryan Price.
• The Blue Jays acquired Sean Smith from the Pirates for future considerations.
• The Yankees added Jerry Hairston Jr. from Cincinatti for minor leaguer Chase Weems.
• The Red Sox then went ahead and traded Adam Laroche to the Braves for Casey Kotchman straight up.
• The Marlins traded for Nick Johnson in exchange for Aaron Thompson.
• The Rockies added two pieces to their bullpen, a righty and lefty. Joe Beimel and Rafael Betancourt.
• The White Sox acquired Jake Peavy surprisingly and they traded Aaron Poreda, Clayton Richard, Dexter Carter, and Adam Russell for him.
• The Reds and Blue Jays exchanged third basemen, with Scott Rolen going to Cincinatti in exchange for Edwin Encarnacion, Josh Roenicke, and Zach Stewart.
• The Twins got Orlando Cabrera from the A's for Tyler Ladendorf.

The Florida Marlins have reportedly traded for first baseman Nick Johnson right at the trade deadline.

The Nationals will receive AA left-handed pitcher Aaron Thompson in exchange for their heavy hitting but oft-injured first baseman who will be a free agent at the end of the year.

The Marlins had been having off and on talks with the Nationals regarding Johnson and it appears they pulled the trigger on the deal right as the non-waiver trade deadline expired at 4pm eastern.

Update 1:35pm cst:

FoxSports is now reporting that neither Clay Buchholz nor Daniel Bard were included in the deal. If that report is accurate, this is could be an absolutely steal for the Red Sox. I would assume that Justin Masterson would have to be in the deal if Buchholz isn't.

Also, of note, Martinez has a club option for next year at a very affordable $7 million and reportedly receives a $500,000 bonus for being traded.

Update 1:20pm cst:

Ed Price keeps the information flowing, explaining that the Red Sox may need to trade recently acquired Adam LaRoche after acquiring Martinez but that the Florida Marlins aren't interested.

As Ken Rosenthall pointed out earlier today, Martinez may get playing time at first as well shifting Kevin Youkilis over to thirdbase, and putting the defensively struggling Mike Lowell into a DH or pinch hitting role.

Update:

Ed Price seems to agree saying "Source: "Looks good" for Victor Martinez to #RedSox, confirming @BNightengale report"

Bob Nightengale of USA Today is reporting that the Boston Red Sox are about to trade for Cleveland Indians All Star catcher Victor Martinez.

The Red Sox have been rumored to be interested in Martinez but had apparently rejected a deal which would send highly tauted young pitcher Clay Buckholz to Cleveland.

The Indians, having already traded away Cliff Lee, are reportedly being hit hard by the current economy and are looking to shed payroll.

Martinez would be a huge upgrade for the Red Sox behind the plate as well as offensively, as he's batting .284 with 15 HR.

We'll bring you the news of who the Red Sox gave up and any other details on this deal as they become available.

The Free Agent pool of players got a bit bigger at midnight on Friday when players who were not tendered contract offers from their teams became free agents. I've broken the list down by position and as you can see, there are a few surprises here including former Dodgers closer Takashi Saito (2.49 ERA and 18 saves) and Nationals starter Tim Redding (10 wins).

Pitchers

Starters:

• Wil Ledezma - LHP - Arizona Diamondbacks
• Chuck James - LHP - Atlanta Braves
• Daniel Cabrera - RHP - Baltimore Orioles
• John Bale - LHP - Kansas City Royals
• Chris Capuano - LHP - Milwaukee Brewers
• Scott Mathieson - RHP - Philadelphia Phillies
• Doug Mathis - RHP - Texas Rangers
• Tim Redding - RHP - Washington Nationals

Relievers:

• Lance Cormier - RHP - Baltimore Orioles
• Joe Nelson - RHP - Florida Marlins
• Jairo Cuevas - RHP- Kansas City Royals
• Mario Alvarez - RHP - Los Angeles Dodgers
• Yhency Brazoban - RHP - Los Angeles Dodgers
• Scott Proctor - RHP - Los Angeles Dodgers
• Takashi Saito - RHP - Los Angeles Dodgers
• Chris Britton - RHP - New York Yankees
• Denny Bautista - RHP - Pitsburgh Pirates
• Clay Hensley - RHP - San Diego Padres
• Charlie Haeger - RHP - San Diego Padres
• Randy Flores - LHP - St. Louis Cardinals
• Tyler Johnson - LHP -  St. Louis Cardinals

Catchers

• Robby Hammock - Arizona Diamondbacks
• Kevin Cash - Boston Red Sox
• Jamie Burke - Seattle Mariners

First basemen

• None - kind of odd but hey, it's the truth.

Second basemen

• Chris Burke - Arizona Diamondbacks
• Jonathan Herrera - Colorado Rockies
• Aaron Miles - St. Louis Cardinals

Shortstops

• Angel Berroa - Los Angeles Dodgers

Third basemen

• Ty Wigginton - Houston Astros
• Jason Smith - Kansas City Royals

Outfielders

• Jeff Salazar - Arizona Diamondbacks
• Willy Taveras - Colorado Rockies
• Reggie Abercrombie - Houston Astros
• Joey Gathright - Kansas City Royals
• Justin Christian - New York Yankees
• Jonny Gomes - Tampa Bay Rays

The San Francisco Giants have reportedly inked reliever Bob Howry to a one year deal worth $2.75 million. The 35 year old righty had put up 4 solid years of sub 3.4 ERA relief before last year's 5.35 effort for the Chicago Cubs. I'm guessing Howry is hoping to re-establish himself and ink a multi-year deal next winter, and the Giants for their part could be getting a very good reliever at a bargain price if Howry can regain is previous form.

The Giants are also reportedly very close to finalizing a deal for short stop Edgar Renteria and also appear to be pursuing a trade for the Marlins' Jorge Cantu. It appears the 2 year, $18 million contract mentioned last week might wind up being accurate for Renteria.

If Renteria does end up signing for $9 million a year, it would certainly seem to signal that the Giants believe they can win sooner rather than later. While the team does have the benefit of playing in the NL West where 84 wins was good enough to take the title last year, they're going to need to drastically improve their offense if they're going to make the 12-15 win jump it will take to be competitive. I don't care how good your pitching is, if Bengie Molina is your team's most productive offensive player, you've got some problems. If the Giants are in win now mode, I wouldn't be surprised to see them make a play to land Manny Ramirez or Mark Teixeira.

Teams have until midnight eastern time tonight to extend offers of arbitration to their free agents and I'll be updating this page as often as news becomes available about teams' arbitration actions.

Update

The offers are all in, and according to the AP only 24 players were offered arbitration. The list is as follows:

American League

• Boston Red Sox - Paul Byrd, rhp; Jason Varitek, c.
• Chicago White Sox - Orlando Cabrera, ss.
• Kansas City Royals - Mark Grudzielanek, 2b.
• Los Angels Angels - Jon Garland, rhp; Darren Oliver, lhp; Francisco Rodriguez, rhp; Mark Teixeira, 1b.
• Minnesota Twins - Dennys Reyes, lhp.
• Seattle Mariners - Raul Ibanez, of.
• Texas Rangers - Milton Bradley, dh.
• Toronto Blue Jays - A.J. Burnett, rhp.

National League

• Arizona Diamondbacks - Juan Cruz, rhp; Orlando Hudson, 2b; Brandon Lyon, rhp.
• Cincinnati Reds - David Weathers, rhp.
• Colorado Rockies - Brian Fuentes, lhp.
• Los Angeles Dodgers - Casey Blake, 3b; Derek Lowe, rhp; Manny Ramirez, of.
• Milwaukee Brewers - CC Sabathia, lhp; Ben Sheets, rhp; Brian Shouse, lhp.
• New York Mets - Oliver Perez, lhp.

Reds

The Cincinnati Reds have reportedly offered arbitration to reliever David Weathers (type B) who pitched in 72 games wracking up an ERA of 3.25 with 19 holds.

White Sox

The White Sox have not offered arbitration to free agents Juan Uribe or Ken Griffey Jr (type B) but have made an offer to Orlando Cabrera (type A).

Astros

The Astros did not extend offers to Doug Brocail (type A) or Randy Wolf and Mark Loretta (type B). The 'Stros had been in negotiations to resign Wolf although negotiations have stalled in recent days.

Phillies

The Philadelphia Phillies have passed on arbitration for Pat Burrell and Jamie Moyer (type A) as well as Rudy Seanez (type B) and Tom Gordon (unranked). Burrell hit 33 homeruns with 86 RBI and a batting average of .250 and would have likely been awarded a raise on the $13.25 million salary he earned last year. One has to wonder if the D'backs lack of an offer to Adam Dunn influenced the Phillies descision as the two players have similar stats at the plate and limitations in the field.

Moyer appears likely to return to the Phils but again, the team opted not to risk having his price set by a 3rd party arbiter.

Marlins

The Florida Marlins have apparently declined to offer arbitration to Arthur Rhodes, Paul Lo Duca, and Luis Gonzalez (all type B free agents). There seems to be a trend emerging of teams being fairly careful with their arbitration offers this year as Rhodes has had more several teams express interest and, in my opinion would have been worth extending an offer to.

I've got to wonder if this is a product of the economy and perhaps an indication that free agent spending will be down this year as well. Obviously the top tier players such as Sabathia, Teixeira, and Manny Ramirez will be offered huge deals (or in Sabathia and Ramirez's case, already have been) however, it looks like the rest of the free agents might encounter a few more money conscious teams this off-season.

(via MLBTradeRumors.com)

Rangers

The Texas Rangers offered arbitration to type B free agent Milton Bradley, but not unranked free agents Jamey Wright, Ramon Vazquez or Jason Jennings. Bradley made the All-Star team and batted .321 with 22 HR and 77 RBI in 126 games. I would be surprised if he didn't receive a 3 year offer after his performance last year, with teams like the Mets, Phillies, Blue Jays, and Cardinals possibly in the mix.

Cubs

The Chicago Cubs did not offer arbitration to free agent relievers Bob Howry or Kerry Wood, both type A free agents. The club had been expected to offer Wood arbitration but apparently did not want to risk the closer accepting the offer. Wood saved 34 games last year with a 3.26 ERA and would likely have been awarded a raise on his $4.2 million salary. Howry had a much less successful year, putting up a 5.35 ERA over 72 appearances and also might have accepted arbitration, possibly resulting in the Cubs paying him $4.5 million for another year.

The lack of offer to Wood makes him even more attractive to teams seeking an elite closer, especially considering that both Fuentes and Francisco Rodriguez were offered arbitration.

Diamondbacks

The Diamondbacks have reportedly offered arbitration to free agent Orlando Hudson, Juan Cruz (type A), and Brandon Lyon but surprisingly not Adam Dunn. The team also did not offer veteran pitcher Randy Johnson (type B), or David Eckstein and Tony Clark (did not qualify) arbitration although none of those moves came as a surprise. The decision on Dunn again, makes absolutely NO sense to me. While he was likely to get a raise from the $13 million he made last year, Dunn smacked 40 long balls last year while driving in 100 runs last season. Even with the D'backs trying to keep costs low, they could turn around and trade the power hitter if he accepted arbitration. If he declined and signed elsewhere, they'd be rewarded with two extra picks. Where's the downside?

As if that weren't enough, they did extend offers to both relievers, Cruz and Lyon. If both players happened to accept the offer, the Dbacks would be stuck with two expensive relievers. As evidenced by the Dunn decision, the Dbacks are quite concerned with their payroll so the team must be fairly confident that the pitchers will decline their offer. We'll find out whether the Dbacks guessed right by Dec. 7th, the deadline for the players to accept or reject their arbitration offers.

A's

The Oakland A's did not offer arbitration to Emil Brown or Frank Thomas (both type B free agents) or to Alan Embree or Keith Foulke who did not qualify. Thomas has expressed interest in returning to the A's, but Oakland would need to drastically reduce his salary ($12.5 million last year) to make that happen after Thomas batted just .240 with only 8 homeruns.

Rays

The Rays did not offer arbitration to free agents Eric Hinske, Rocco Baldelli, Cliff Floyd, and Trever Miller (who still has not signed with the Cardinals despite previous reports). Since none of the players qualified as type A or B, the team would have nothing to gain by extending offers.

Nationals

The Washington Nationals, like the Rays, did not have any type A or B free agents and did not offer arbitration to Aaron Boone or Odalis Perez. The club has expressed interest in bringing both players back, according to MLB.com, but are waiting to see how the market develops before making offers.

Orioles

The Baltimore Orioles declined to offer arbitration to all of their free agents, Kevin Millar, Jay Payton, Juan Castro and Alex Cintron, none of whom qaulified as type A or B players.

Padres

The San Diego Padres have declined to offer arbitration to future Hall of Fame closer Trevor Hoffman, a type A free agent. The move has long been predicted but, I can't figure out why the Padres wouldn't make the offer. Hoffman has said the odds of him returning to the Padres are a longshot at 99-1 after the way the team has treated him. The Padres made Hoffman an offer to return, but later pulled the offer in an effort to cut costs. Even still, with Hoffman unlikely to return, it would make sense for the team to offer the closer arbitration and collect the draft picks when he signs else where.

Royals

The Kansas City Royals have offered arbitration to second basemen Mark Grudzielanek. While the move came as a surprise to most, Grudz will reportedly turn down the Royals' offer in hopes of playing for a contender. While the Royals offer may represent the highest salary Grudzielanek will be offered, Kansas City certainly is not a contender and several more competitive teams including Grudzielanek's former club the St. Louis Cardinals are in need of middle infielders.

Mets

The New York Mets have reportedly passed on offering Moises Alou and Louis Ayala arbitration but did extend an offer to free agent pitcher Oliver Perez. Perez is a type A free agent after going 10-7 with a 4.22 ERA. The 27 year old southpaw is widely expected to decline the offer and sign a multi-year deal with the Washington Nationals reportedly leading the way to land the free agent pitcher.

Braves

The Atlanta Braves did not offer arbitration to veteran pitcher John Smoltz, however the team still expects to resign the long time Brave should he decide not to retire.

Red Sox

The Boston Red Sox have offered arbitration to Jason Varitek (type A) and Paul Byrd (type B). Arbitration was not offered to the Sox other free agents, Curt Schilling, Mike Timlin, Bartolo Colon, Alex Cora, Sean Casey, David Ross and Mark Kotsay.

Predictions about whether the Red Sox would offer their free agent catcher had been mixed, and there are just as many differeing opinions about whether the Red Sox captain will accept the offer. According to Varitek's agent, Scott Boras, the veteran wants to play full time, however former teammate Curt Shilling has said that Veritek wouldn't mind a reduced roll. Players have until Dec. 7th to accept the arbitration offers and it wil be interesting to see what the three-time All-Star decides.

Angels

The Los Angeles Angels have reportedly offered arbitration to Mark Teixeira, Darren Oliver, Francisco Rodriguez (all type A) and Jon Garland (type B). By offering Teixeira arbitration, the Angels make the price of signing him slightly higher for other interested teams, although I still expect the first basement to resign with LA.

The Angels also declined to offer Garrett Anderson arbitration, likely ending his 12 year tenure with LA.

Dodgers

The Los Angeles Dodgers have offered arbitration to Manny Ramirez and Derek Lowe (both type A), as well as Casey Blake (type B) while declining to offer it to type B free agents Greg Maddux, Jeff Kent, Joe Beimel and Brad Penny.

The lack of an offer to Beimel was expected but I still don't agree with the Dodgers' decision. Beimel has reportedly drawn interest from the Mets, Cardinals, Rockies, Reds and Tigers and is seeking a 3 year deal which makes him an unlikely candidate to accept the Dodgers' offer.

Rockies

The Colorado Rockies have offered arbitration to closer Brian Fuentes, their only type A free agent. Fuentes has drawn interest from several teams as the best closer on the market other than Francisco Rodriguez. The Mets, Cardinals, and Indians have all expressed interest in Fuentes who had 30 saves last season.

As with other type A free agents who have been offered arbitration, if the Rockies are unable to resign the reliever they'll receive two draft picks, a 1st or 2nd round pick from the team that signs Fuentes (depending on that team's record the previous season) and a “sandwich” pick after the first round but before the second.

Blue Jays

The Toronto Blue Jays have offered pitcher A.J. Burnett arbitration while declining to extend an offer to catcher Greg Zaun. The offer to Burnett was an obvious move as Burnett has already opted out of his existing deal with the Jays and appears likely to cash in with a huge contract. By offering the pitcher arbitration, the Blue Jays, who still hope to resign the pitcher, will receive two draft picks should Burnett sign with another team.

Cardinals

Matthew Leach of MLB.com is reporting that the St. Louis Cardinals won't offer arbitration to any of their free agents which include Russ Springer (type A), Jason Isringhausen, and Braden Looper (type B). The decision not to offer Looper arbitration has me pretty puzzled as the Cardinals have a hole at the back end of their rotation and Looper has put up two very serviceable years as a starter.

The Cardinals have been very accommodating with Springer who has a special needs child attending a local school. I wouldn't be surprised if they're hoping to resign the 40 year old veteran to a deal worth less than an arbiter would award after his 50 innings, 2.32 ERA performance last year.

Twins

The Minnesota Twins offered arbitration to their only qualifying free agent, reliever Dennys Reyes (type B). Reyes, who made an even $1 million last year had an ERA of 2.33 in 46.1 innings pitched over 75 appearances making the decision to offer arbitration a no-brainer. I'd be quite surprised if the 11 year veteran accepted the offer as he's likely to receiver much higher offers considering his performance last year and the fact that he's a lefty. The Twins declined to extend offers to their free agents that did not qualify, "Everyday" Eddie Guardado, Nick Punto, and Adam Everett.

Tigers

The Detroit Tigers declined to offer arbitration to short stop Edgar Renteria, their only free agent that would have qualified them for compensatory draft picks (they also declined to make offers to Kenny Rogers, Freddie Garcia, and Kyle Farnsworth who didn't qualify). I'm a bit surprised that the Tigers weren't willing to take the risk of making an offer. Renteria appears dead set on leaving Detroit and likely the AL as a whole and I doubt he would have accepted arbitration, even though he likely would have received at least $9 million for the year.

Mariners

The Seattle Mariners have offered arbitration to Raul Ibanez (a type A free agent) while telling Willie Bloomquist and Miguel Cairo thanks but no thanks. Ibanez had a career year last year and has stated that he'd like to win which pretty much rules out returning to the Mariners, losers of 101 games last year.

Brewers

The Brewers have extended arbitration offers to CC Sabathia, Ben Sheets, and Brian Shouse but not Eric Gagne (a type B free agent). Many commentators were watching the Brewers' move with Sheets as an indication of his health, but the Brewers would have been incredibly foolish had they not made the offer. Even if they're not sure Sheets can remain healthy, by making the offer they signal to the rest of the league that they'd like to keep him and as such, increase the likelihood he signs elsewhere giving them two extra draft picks. The offer might also been seen as a good will gesture and help in the Brewers negotiations to resign Sheets if they miss out on Sabathia.

Yankees

The Yankees have reportedly declined to offer arbitration to all 8 of their free agents, including Andy Pettitte and Bobby Abreu as well as Jason Giambi, Mike Mussina (who's retiring), and Ivan "Pudge" Rodriguez. This means the Yankees will not receive any compensatory picks if and when their free agents sign elsewhere.

Pirates, Indians, & Giants

The Pitsburgh Pirates, Cleveland Indians, and San Francisco Giants did not have any free agents that qualified as type A or B and as such, extended no offers of arbitration.

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The Florida Marlins have reportedly traded their power hitting first baseman, Mike Jacobs to the Royals. In exchange for the 27 year old, the Marlins will receive pitcher Leo Nunez who went 4-1 with an ERA of 2.98 in 45 relief appearances last year.

Jacobs had been rumored to be on the block for weeks as he is arbitration eligible and will receive a large raise after his 32 HR, 93 RBI season last year.

Boston finally had it's fill of Manny Ramirez

Update 5: Well, if Sports Illustrated's Jon Heyman is to be believed, the title of this post may be accurate once again! Apparently the deal has Manny Ramirez (I hold him personally responsible for this whole mess) going to the Dodgers, Jason Bay heading to the Boston Red sox, and the Pirates getting 4 prospects in return.

Fox Sports' Ken Rosenthall reports that this deal is now pending the commissioner's approval and will send Andy LaRoche, right-hander Bryan Morris (from the Dodgers), outfielder Brandon Moss, and releiver Craig Hansen (from the Red Sox) to the Pirates in return for Bay. That's one hell of a haul for a guy that some in Pittsburgh worried was finished after last year's performance.

I'll remind you all that we've been down this road more times than I can count with Manny "trades" but all the reliable sources are reporting this one now.

More as it's available...

Update 4: Rosenthal is now hearing the same things that Buster Olney was hearing... that this trade is essentially dead.

Update 3: Ken Rosenthal of Fox Sports is reporting that the trade talks are "taking off". While we've all been down this road before with Boston and Manny, only the prospects stand in the way of this deal's completion. However, in the trade deadline live chat, ESPN's Jim Callis appears to believe that Will Carroll was overzealous in reporting this trade. While not naming him directly Callis states: " Jim Callis: (1:04 PM ET ) I deleted the writer's name . . . but yes, I agree with the point. There's such a rush to be first that accuracy gets sacrificed last night, and that's not good. I went to bed last night after reading that a Manny Ramirez deal was on Bud Selig's desk for approval, and that obviously wasn't the case." Update 2: The Boston Herald is reporting this morning that no tentative deal has been reached. CBS Sports is saying that they've found out that neither Ryan Tucker nor Mike Stanton would be included in the deal but confirms that the deals structure is essentially the one we've reported. The sticking point is apparently still the prospects that will be changing hands but I don't see any of the teams involved sticking to their guns to the point of collapsing this deal. Update: The Palm Beach Post confirms the structure of the deal and suggest that one of the prospects the Pirates will receive is right handed pitcher Ryan Tucker.

------------------------------

The three team deal involving 6 time All-Star Manny Ramirez has been reported to the commissioners office although names of the specific prospects involved have yet to be determined. Baseball Prospectus' Will Carroll reports the structure of the deal as the following:

Marlins get Manny Ramirez, one prospect (BOS), and cash (likely Ramirez’s remaining salary) Pirates get Jeremy Hermida and three prospects (two FLO, one BOS) Red Sox get Jason Bay and John Grabow

Obviously the deal depends heavily on the prospects involved, but the structure of the deal certainly seems reasonable. The Marlins are essentially giving up Hermida and a prospect for two months of Ramirez (they're actually giving up two prospects but will apparently be getting one back) and his $20 million option which I can't see them exercising. The Pirates look to be parlaying Jason Bay and John Garbow into Hermida (a 24 year old outfielder that hits for power) and three prospects. The Red Sox are doing a bit of addition by subtraction, unloading the distracting Manny, while replacing him with Bay (a much cheaper option in left field who is under contract for 2009 as well) as well as filling a hole in their bullpen.

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It seems only appropriate that a trade involving Manny Ramirez would be pretty complicated. Sources around the league are murmoring about a possible 3 team blockbuster that would send Manny Ramirez to the Florida Marlins, Jeremy Hermida to the Pitsburgh Pirates, and Jason Bay to Boston filling the void left by Manny.

Three team deals are rare but certainly not impossible and the Red Sox and Marlins GMs would seem to have a good working relationship (having hooked up on the Josh Becket deal previously).

Another incarnation of the same deal would cut the Pirates out of the picture and include more prospects heading back to Boston. The Red Sox would likely then try to turn around and complete the other end of the deal with the Pirates.

I'll try and keep you updated as more becomes available.

ESPN.com is reporting that the Florida Marlins have come to terms with shortstop Hanley Ramirez on a six year extension reportedly worth $70 million.

Ramirez who has played absolutely lights out since entering the big leagues and winning the Rookie of the Year award in 2006, would have been eligible for arbitration and would have undoubtedly gotten a HUGE raise from the $439,000 he's being paid this year.

The deal will be the largest ever given by the Marlins and will lock Ramirez up at an affordable price for the next six years, including the 2011 season when the Marlins hope to open their new stadium.