CARLSBAD, Calif. — Financial flexibility exists at 100 Park Blvd., a fact apparent when scanning local payroll commitments. At present, the Padres’ 2019 total amounts to less than $60 million. The only guaranteed salaries beyond next year are owed to Eric Hosmer, Wil Myers and dead-money recipient Héctor Olivera.



Presumably, that type of space could enable the Padres to court shortstop/third baseman Manny Machado, one of the winter’s two priciest free agents. Already, it has fueled speculation that San Diego might be a serious bidder.



That, according to people familiar with the organization’s thinking, is not part of the plan.



“It’s not going to happen,” one source said.



For all the value Machado, 26, would supply, the Padres do not see the plunge as worthwhile. San Diego would have to tussle with the Phillies and other wealthier competitors for the right to award one of the largest contracts in...