Jason Bay Turns Down Red Sox, Will Hit Open Market on Friday

To no one's surprise, Jason Bay has decided to see what the 29 other teams in the big leagues have to offer before deciding whether or not he wants to return to the Red Sox. Jon Heyman of SI.com reports that Bay turned down a four-year contract offer worth approximately $60 million just before free agency officially kicks off a minute past midnight on Friday morning.

It would have been quite a surprise if Bay had decided to skip the free agency process, something that Red Sox GM Theo Epstein admitted to Heyman.

"It's not a surprise that a player that's gone this far wants to see what's out there."

Bay, who hit 36 home runs and posted a 921 OPS in 2009, figures to draw a lot of interest on the open market. The Red Sox offer was decent, but the paucity of other strong bats on the free agent landscape would suggest that he could get either more years or more money once several bidders are in the mix.

Bay's decision should also impact Matt Holliday. The Red Sox may now be in play for his services, which could pit them against the Yankees, Mets, Cardinals and others in a heated battle for the slugger. That kind of talk is music to agent Scott Boras's ears as the more big-money teams get involved with Holliday the more likely it becomes that he'll land a contract that will help put another wing on Boras' house.

It's hard to think that there would be many teams who would prefer Bay to Holliday, which probably means Bay will have to let Holliday talks play out for awhile before finding his home for 2010 and beyond. That makes him a consolation prize, albeit one who can console himself by drying his eyes on many stacks of $100 bills.