The Chicago Cubs and Seattle Mariners agreed to swap their overpaid players Milton Bradley and Carlos Silva. Now, Silva is the bigger albatross, which is why the Mariners threw in $9 million to make the deal happen. Silva has two years and $25 million left on his contract, when I estimate he’ll be worth around $11.5 million—an asset that will lose $13.5 million. Bradley is owed $21 million over the next two seasons, when I estimate he’ll be worth approximately $17.5 million—an asset that will lose $3.5 million.
Thus, the Cubs will be taking on a player worth -$4.5 million (-$13.5 million + $9 million) in return for giving up a player who expects to cost them -$3.5 million. The Mariners trade $4.5 million in losses for -$3.5 million. On the balance sheet, the Mariners come out ahead, but not by much. It just goes to show that Milton Bradley really is a million dollar pain in the ass.
Addendum: Apparently, Bradley is owed $22 million, not $21 million. So, the deal comes out to be about even.