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Valuing Phillies' options proving difficult

7/24/2014
Mitchell Leff/Getty Images

The trade deadline of July 31 won't apply to Cliff Lee, some officials believe, because he's so expensive and there are enough questions about his elbow that nobody would claim him if he were to be placed on waivers in August. "He'll get through waivers," one executive said. "Nobody's going to want to take that contract."

Lee is guaranteed to make $48 million through the end of the 2015 season -- that's $48 million for the next 14 months -- because of the $12.5 million buyout attached to a vesting option for 2016.

Beyond that, rival officials are wary of some of the red flags raised with Lee's time lost to an elbow injury this summer. He has been a horse throughout his career, all but free of arm problems, but with him having spent more than two months on the disabled list and having mentioned along the way that he didn't feel completely right, some evaluators are wary of a persistent problem.

But with or without arm trouble, Lee's value is much affected by his contract.