Time to panic?
I'm glad the Mets didn't spend $126 million on Barry Zito. Barry Zito is not a dominant enough pitcher to justify that kind of salary. But, missing out on Zito at this late stage in the game leaves the Mets with a gaping hole in their rotation. Current candidates for the #5 spot include Dave Williams, Jason Vargas, Alay Soler, Mike Pelfrey, and Philip Humber. Pelfrey and Humber are both excellent prospects, but it doesn't seem that either is ready to make the jump to the majors on Opening Day. None of the other three guys have anything in their track record to instill any sense of confidence that they can handle the job. Also, there are some other question marks in the rotation (which Oliver Perez will show up?, will El Duque stay healthy?), so Williams/Vargas/Soler may be needed to fill other holes. The options available on the free agent market are less than thrilling, so there's been speculation that the Mets may make a trade, with Joe Blanton being one of the leading candidates. Should the Mets deal Lastings Milledge for Blanton (or a similar pitcher)?

On one hand, prospects are rarely sure things. A perusal of this list of the top prospects from 2002 shows just how hard it is to project player development. So, while David Wright and Jose Reyes have demonstrated just how valuable developing players through the system can be, not every prospect turns into David Wright or Jose Reyes. Looking at Milledge specifically, there are some reasons to doubt his development. His tools have always been evident, but his production over the years hasn't matched them. He failed to produce in his brief stint in the majors last year, and he clearly has some maturity issues. Also, the Mets have two other strong outfield prospects.

On the other hand, everyone seems to agree that Milledge still has a very high ceiling. And according to Nate Silver, his production at AAA last year was excellent. I find it hard to believe that Norfolk is that hard to hit in, but Nate knows far more about projecting performance than any of us, so I'll cut him some slack.

In the end, I think a Milledge-Blanton deal would be a big mistake. Most importantly, it seems that Milledge's market value has slipped (and if Nate is to be believed, undeservedly so). The Mets shouldn't sell low. If Milledge has a strong first half in the minors, he can probably fetch a lot more at the trade deadline than he can now. Secondly, Blanton simply isn't enough of an impact player (he's averaged about 5 Ks per 9 innings the last two seasons) to trade a top prospect for. If the Mets are going to deal Milledge, why do it for a pitcher who's merely good, without the potential to be any better? Sure, Blanton will help the team get through the first half of this season, but once October rolls around, with Pedro (and possibly Pelfrey and Humber) around, Blanton may not even make the playoff rotation. If the Mets are determined to trade Milledge, they'll be better off holding onto him to use as a chip to land a premier player. For instance, the best pitcher in baseball may be available next offseason, or at the trading deadline if the Twins are out of the race. Why not plug the hole in the rotation with someone like Tomo Ohka, Chan Ho Park, or Brian Lawrence, and hold onto Lastings until someone better is available down the road.