Danny Knobler

When everything is done and the press conferences have been held, Cliff Lee will have been traded twice in five months.

What's funny is that some people in baseball were already asking Wednesday whether he could be traded again.

"If [the Mariners] wanted to, they could definitely get back more than they gave up to get him," one executive said.

The same executive acknowledged that the Mariners -- who are definitely in win-now mode -- are highly unlikely to even think about trading Lee. Pairing him with Felix Hernandez atop the Seattle rotation makes the M's a serious threat to the Angels and Rangers in the American League West, so it doesn't even make sense for them to trade him now.

But what if the Mariners don't get off to a good start in 2010? What if they don't see a real chance of signing Lee long-term, especially while they're also trying to lock up Hernandez?

Well, with Lee headed for free agency at the end of the 2010 season, he could be one heck of a July trading chip again, couldn't he?

Think of it that way, and the Mariners have two big ways to be winners in this deal: Lee helps them win (entirely possible), or Lee brings back more than the Mariners gave up to get him.

"The Mariners just didn't give up a lot," another executive said. "[Phillippe] Aumont has a good arm, but he's a 20-year-old who is already a one-inning pitcher. I just don't know how he develops that way."

Two other Lee-Halladay trade thoughts:

1. Lee loved being with the Phillies, but the move to the Mariners could help his value as a free agent. For one thing, he'll be able to prove himself back in the American League, regarded as the tougher of the two leagues. For another, he'll be pitching in a big ballpark, with an outstanding defense behind him. And he'll be pitching for a team that has shown a willingness to spend.

"If Cliff Lee wants a big contract, he went to the right place," one of the executives said. "He's a fly-ball pitcher in a big ballpark, with Ichiro and [Franklin] Gutierrez playing the outfield."

2. For all those still debating the Phillies' end of the deal, the main point to remember is this: As much as the Phillies liked Lee, they have always liked Halladay more. It was true in July, and it's true now.

"He can beat the Yankees," one Phillies person said, which reminds you of where Philadelphia's focus is right now.

It feels funny to put it that way, since Lee beat the Yankees twice in the World Series (getting both Phillies wins). Over the last two years, including the World Series, Lee is 4-1 against the Yanks, with a 2.31 ERA.

The only difference with Halladay is that he has proven his Yankee dominance over a longer period, and that he's strong enough that the Phils could ask him to start three times in a seven-game series (which Lee didn't do).

In 37 career appearances against the Yanks, Halladay is 18-6 with a 2.84 ERA. Over the last two years, he has faced New York 11 times, going 8-2 with a 2.54 ERA.