Marlon Byrd traded to Red Sox for Michael Bowden, PTBNL

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UPDATE: Michael Silverman of the Boston Herald reports that Bowden is indeed headed to Chicago along with a player to be named later. The Cubs will cover “most” of the $6.5 million remaining on Byrd’s contract.

5:51: According to Bruce Levine of ESPNChicago.com, Marlon Byrd confirmed that he has been traded to the Red Sox. The deal will be officially announced after today’s Yankees/Red Sox game. It’s not clear how much of Byrd’s salary the Cubs will cover or who the Red Sox will send to Chicago.

12:42 PM: Phil Rogers of the Chicago Tribune writes that the Cubs “could be getting” right-hander Michael Bowden, who would get a chance to pitch out of the bullpen.

12:16 PM: Worry no more, Red Sox fans. Your old friends Theo Epstein and Jed Hoyer are here to help.

Nick Cafardo of the Boston Globe is reporting that the Red Sox are closing in on a deal for Cubs’ outfielder Marlon Byrd. Jacoby Ellsbury is currently sidelined with a subluxed right shoulder and Carl Crawford is still on the comeback trail from wrist surgery, so Byrd would be thrown right into the mix with Cody Ross, Ryan Sweeney and Darnell McDonald.

Byrd is off to a woeful start at the plate this season, batting .070/.149/.070 with three singles, three walks and 10 strikeouts over his first 47 plate appearances. The 34-year-old outfielder is owed $6.5 million this this season in the final year of a three-year, $15 million deal, so the Cubs will almost certainly have to cover a large chunk of his remaining salary.

If the deal goes down, it will be interesting to see where the Cubs go from here in their outfield. Tony Campana was called up to replace the injured Ryan Dempster on the active roster, so he’ll presumably start in center field for now, but trading Byrd could speed up the timeline for top prospect outfielder Brett Jackson. There’s also the chance that the Cubs could slide David DeJesus from right to center, move Bryan LaHair to the outfield and promote Anthony Rizzo to play first base.

BREAKING: Manny Machado to sign with the Padres: 10 years, $300 million

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Jeff Passan of ESPN reports that Manny Machado has a deal with the San Diego Padres. Mark Feinsand of MLB.com reports that the deal is for ten years and $300 million with an opt-out after year five.

At the moment there is some disagreement as to how “done” this deal is, with Padres chairman Ron Fowler saying “We do not have a deal. We are continuing discussions.” Ken Rosenthal, however, says that’s “semantics” and that the financial terms are in place, with the deal requiring over some final touches on language and Machado’s physical, which will likely be a formality.

The Padres were a late entrant into the Machado sweepstakes, but they reportedly met with Machado last week. The club has obviously not won for a long time, but they have a strong farm system. While that usually mitigates against a big free agent signing, Machado’s age — 26 — means that he’s still likely to be a productive player when that core of prospects is mature. And if it doesn’t develop, hey, he’s made some serious bank and can still opt-out at an age when he might get another decent paycheck.

For the Padres, Machado represents the biggest single investment in a player in club history. Last year they spent too, of course, giving Eric Hosmer an eight-year, $144 million contract, but this is definitely next-level. As for the baseball side of things, it’s likely that Machado will be the full-time third baseman with Luis Urias handling shortstop. While all of the talk about Machado over the past several months has been focused on money and, sometimes, his alleged lack of hustle, the Padres are getting a player with a career line of .282/.335/.487 (121 OPS+), 175 career homers and a 33.8 career WAR in seven big league seasons. While he played shortstop last year and as a minor leaguer, his past and future is at third, where he is a superior defender. As for the hustle: it has almost exclusively been an obsession of the media, based on an ill-advised postgame quote in October. He has received no bad reviews from former teammates, all of whom speak highly of his game and his work ethic.

When the offseason began it appeared that the Phillies or the Yankees or, perhaps, the White Sox had the inside track on Machado. Everyone took a wait-and-see approach, reasonably believing that by waiting out Machado, a better deal could be struck. The risk of that approach, of course, is that it allowed the Padres to talk themselves into getting bold and, ultimately, swooping in to strike this deal.