The Blue Jays are reportedly still in the running to acquire Phillies closer Jonathan Papelbon. The Yankees just lost closer Andrew Miller to injury, so the Jays have a prime opportunity to take a run at the division title by taking care of a big need. The current buzz is that Philadelphia is both ready to move Papelbon and willing to eat more of his salary than at any other time. Papelbon began his MLB career in 2005 with Boston, winning one World Series with the Red Sox before leaving in 2011 to sign with the Phillies. A look at the pros and cons of acquiring Papelbon, who has said he’d be open to a move to Toronto:

PROS

Help wanted: Toronto’s bullpen ranks 12th in the American League with a 3.70 ERA and has blown 10 save opportunities, tops in the league.

Stability: Papelbon could take over the closer role, with Brett Cecil moving back to the eighth inning. That sets up a trio of Roberto Osuna, Aaron Loup and Liam Hendricks for handling bridge duties between the sixth and seventh innings, as well as the eighth when Cecil isn’t available. That’s a more ideal setup for a Jays ’pen that is not structured at the moment.

Impressive numbers: One of the top closers of all-time, Papelbon ranks 13th with 337 saves and is 15 away from top 10. He has saved 219 games the past seven seasons.

Still hot: He has 12 saves this season with an exceptional 1.13 ERA over 23 innings.

At Rogers Centre: He’s worked 19 2/3 innings with 16 strikeouts, 10 walks, 10 saves, 14 hits and four runs against.

CONS

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Salary: Papelbon is owed a pro-rated $8 million for this season, and $13 million in 2016 on a vested option that kicks in if he finishes 26 more games this year.

Who pays? It’s been long believed a Jays deal hinges on how much of Papelbon’s salary the Phillies are willing to pay. Toronto is believed to have roughly $5 million remaining in payroll space, and it’s not likely owner Rogers will approve any more at the moment.

Who goes the other way? Lefty prospect Daniel Norris? Not likely, since the Jays steer clear of parting with top-shelf prospects unless it’s for elite players with controllable contracts. Papelbon is 34 and would be a final piece to a contender. While the Jays have ignited renewed faith in their post-season viability after an eight-game win streak, it’s somewhat difficult to see them exhausting all their trade possibilities in favour of one, big-dollar deal for Papelbon.

Dilemma: Do the Jays exhaust what little salary room they have left, and give up a prime prospect for Papelbon? Not likely . . . and they have other needs. They could use two more bullpen arms. While the starting rotation is solid now, another starter might be needed by the trade deadline. The Jays also have catcher Dioner Navarro to deal, while the Phils still have starter Cole Hamels. Papelbon’s fate may depend on how those trade chips play out.

Risk: Can the Jays afford to make a mistake on Papelbon? Absolutely not. If Papelbon does not pan out here and stabilize the ’pen, then GM Alex Anthopoulos is criticized for throwing away what was left of the payroll on a one-player mistake.

Still early: It’s not even the middle of June, so there is a strong likelihood that other bullpen opportunities will arise as the July 31 trade deadline comes closer.