So apparently, the Orioles offered Gavin Floyd a two-year, $20 million deal prior to the Maryland native signing a one-year, $4 million contract with the Braves. On the surface it looks like Floyd wanted nothing to do with Baltimore, but his decision is really more about taking a gamble on himself. After missing the majority of 2013 following Tommy John surgery, Floyd’s free agent value was low this winter. If he is successful in Atlanta in 2014, he can sign a lengthier, more lucrative deal this time next season.

But that’s not what I want to write about — not in this blogpost at least. For now, I want to key in on that two-year, $20 million offer.

The Orioles traded Jim Johnson and his projected $10.8 million salary in his third year of arbitration eligibility and turned him into Jemile Weeks ($482,500 in 2014), Ryan Webb ($2.25 million average annual value) and Grant Balfour ($7.5 million average annual value). Now that’s what you call “reallocation”.

My question is, would the Orioles have passed on Balfour if Floyd accepted their two-year offer? Or was that proposal made with the intention of still spending $15 million on Balfour?

Based on the time-table and the days of negotiating with the Aussie closer, I have to assume that they would have signed both players if Floyd accepted. Since he didn’t, does that mean that the O’s have more money to spend than we previously thought?

Where will that $20 million be spent instead?

Bronson Arroyo projects to earn a similar deal, something in the two-year, $24 million area. How about him in Baltimore?

What about Matt Garza? He’ll likely see a four-year deal around $64 million. Do the O’s have enough payroll flexibility to bring him to Charm City?

Ubaldo Jimenez? He’ll get around three/$39 million. Hell, let’s dream big.

This offseason seems to be full of bad news so far, but maybe Floyd turning down the Orioles money could lead to something better than expected.