The Yankees' deadline move came in a somewhat unexpected form as New York dealt RHP Jose Contreras to the White Sox for RHP Esteban Loaiza. With Loaiza eligible for free agency this winter, Chicago was interested in moving him and the Yankees were persuaded to swap upside for what they believe will be more consistency.

At the time of the trade, Contreras had compiled an 82:42 K:BB with 93 H and 22 HR allowed in 95.2 IP for a 5.65 ERA over 18 starts for New York. He's able to dominate hitters, but his control problems put plenty of men on base to be smacked in when his fly ball tendencies let one out of the park. The 32-year-old has demonstrated an ability to exercise better control on several occasions, indicating intriguing upside if he's ever able to maintain that control. However, with their win every game mindset the Yankees were not willing to wait any longer for him to actualize his potential. While Contreras was not eager to leave New York, he chose not to invoke his no-trade clause to block the deal and may find the more relaxed environment of Chicago beneficial. Unfortunately, U.S. Cellular Field likely will emphasize the downside of his fly ball pitching.

Meanwhile, Loaiza compiled an 83:45 K:BB with 156 H and 23 HR allowed in 140.2 IP over 21 starts for the White Sox. The more than 3 K/9IP he added last season have almost completely evaporated in 2004 and he's allowing more fly balls, making it far more likely that the 32-year-old will finish the season with numbers similar to those he posted prior to 2003 rather than replay the All-Star performance he executed last year. Although the move to Yankee Stadium should alleviate some of his home run problems, New York may soon tire of his consistent mediocrity and wish for the occasional strong performance Contreras provided.

There appears to be little downside in this trade for the White Sox and little upside for the Yankees, though for a change New York will receive some salary relief. While the Yankees reportedly will cover the remainder of Contreras' signing bonus as well as $1M of his salary in 2005 and $2M in 2006, Chicago assumed responsibility for $6M a season.