According to The Boston Globe, the Red Sox are waiting out the Jason Bay market.  All sign have indicated that the demand for Bay is small, and by waiting it out they can get Bay for a relative bargain.  Teams have been reluctant this year to be the one to open up the $50+ million gateway, a number that many figured Jason Bay could command.

Right now, the front runners for Jason Bay include the Red Sox, the Angels, the Mariners and according to the Boston Herald the Mets have entered the chase.  It is believed that the Red Sox made a 4-year $60 million offer before the Winter Meetings, but was declined by Bay and his agent, Joe Urbon.

The waiting game is a double edged sword.  The Red Sox and Cardinals can go back and forth in negotiating with tier 1 players like Bay or Matt Holliday, but consolation prizes such as Mark DeRosa will get snatched up by those teams that were never in the market for the tier 1 players.