According to Jon Harper over at the Daily News, the Red Sox may have reentered the Jason Bay bidding. Originally, the Sox made Bay a 4 year, $60M offer during their exclusive negotiating window. Bay responded in a strongly worded letter, rejecting the offer, and referring to Theo Epstein as a "nerd."
Hurt by Bay's inconsiderate words, the Red Sox pulled out of the bidding. They would later make a 5 year, $82.5M offer to Matt Holliday, the rich man's Jason Bay, but Holliday rejected the offer, though he was nicer about it.
At this point the Red Sox signed John Lackey and Mike Cameron, strengthening their rotation, and making their outfield perfectly mediocre offensively. Actually, considering they play in the AL East, their outfield is sub-par offensively. The Sox hoped to address this lack of offense by either making a trade for the Padre's Gonzalez or signing free agent Adrian Beltre (though I never got the sense they really wanted to make a move here, just that he was out there and could hit if healthy). The Pads are not trading Gonzalez, and I suspect new Pads GM Jed Hoyer is worried about what it would look like for him to trade his best hitter to his former employer. If the return isn't significant, it undermines Hoyer's credibility.
So now the Red Sox have turned back to the girl that broke up with them in front of everybody at the Prom, Jason Bay. Bay has not found the five year offer he is looking for, largely because baseball GMs are generally not clinically insane, but the Mets, needing a big bat and to do something to improve if they plan on ever selling another season ticket package, have been unwilling to move from 4 years, $65M. Now Minaya has been patient before and landed big time players at his price (think Santana trade for a Wendy's coupon and a toasted sub to be named later). This time, it looks like his unwillingness to maybe throw another $5M or so in the deal may cost him his target.
The Red Sox need another hitter, because right now their biggest power threats are David Ortiz (only good when roiding), and Nancy Drew (sorry, I honestly can't remember his real first name and don't feel like looking it up). Bay definitely makes their offense more formidable, so it should be interesting to see how this one develops. Granted, it's possible that the Sox are just looking to drive up the price on the Mets. Not because there's any reason to, just for spite and 1986.