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Red Sox, Andrew Bailey Sign One-Year, $3.9M Deal

The Boston Red Sox have signed Andrew Bailey to a 1-year, $3.9 million deal with incentives, according to Jon Heyman of CBS Sports. The deal allows the sides to avoid arbitration. Intrepid Boston fans will note that Jonathan Papelbon, now with the Phillies, is getting $11 million for 2011.

Whether or not the Red Sox are in panic mode following the Yankees rotation mega-upgrade is up for speculation, but what's not is that a) they now have their closer signed, b) they saved money* from their previous closer, and c) they're looking to bring in at least one additional starter (like Edwin Jackson or Roy Oswalt), as noted earlier:

*I askterisk the following: Can anybody deny the Red Sox are now in save-money mode? Sure, maybe they'll get equivalent production out of Bailey over Papelbon, and Aviles/Punto over Scutaro...but this is an interesting departure from the Red Sox of seasons past. Didn't Cherington learn Theo's ultimate lesson? It's possible to play moneyball AND outspend the field?