Richard Griffin wonders if the large number of second tier free agents, combined with the poor economy, will push prices down:

The fact of the matter is that the effects of the recession will be felt by the majority of the 171 free agents (almost seven full team rosters) that have now placed themselves on the open market. It would not be surprising to quietly see the Jays and many others of their financial ilk enter the New Year without inking any major free agents, waiting into mid-January for the panic among the multitude of remaining players to set in when bargains can be had.

It might be a good winter for free agents to take one or two guaranteed seasons, instead of holding out; they can then explore free agency again when the world economy has had a chance to rebound.

Even at the high end, teams are unlikely to go overboard. If you don't get Sabathia, you can alway land Sheets, Dempster or Lowe, or trade for Jake Peavy.