Oswalt

He’s obviously an upgrade over Happ as a pitcher, and the two minor leaguers are expendable and arguably no better than what Arizona received in exchange for Haren– no Domonic Browns, Kyle Drabeks, or even Jason Knapps among them.

Will Oswalt/Halladay/Hamels/Blanton/Kendrick be better than Lee/Hamels/Halladay/Blanton/Happ or Lee/Hamels/Blanton/Happ/Kendrick/Kyle Drabek would have been?

I would still take Lee over Oswalt…in 2010.  But Houston gave the Phillies $11M along with Oswalt– meaning per BaseballReference, the Phillies will owe Oswalt approximately $9M in 2011, or less than Lee would be worth on the open market, even with a “hometown discount” (meaning Philadelphia, not Benton, Arkansas).

Also, whatever it’s worth, career ERA+:
Lee +113
Halladay +136
Oswalt +134
Hamels +121

(Note: I’m aware ERA+ is based on each pitcher’s league, and both Halladay and Lee pitched in a more difficult league most of their careers, but Oswalt’s ERA+ is still impressive.  Dan Haren’s five-year NL ERA+ is 120.  Tom Glavine’s career ERA+, all NL, was 118.  John Smoltz’s career NL ERA+ was 125.)

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