This time a year ago, the Phillies were the talk of the baseball world, having added Cliff Lee to an already formidable rotation to give them a starting five that rated among the best in history.

But for as much success as they had during the regular season, their super-rotation formula fell flat in the playoffs, saddling them with yet another first-round exit. Now, with their payroll tied up long-term, they have no choice but to do it all over again -- only a year older and without some of the players that made it possible last season.

Roy Oswalt was one of those players. Granted, of the Phillies' quartet of aces entering 2011, he was the one who didn't pull his weight, spending time on the DL with back issues, but when he was healthy, he was an improvement over the Joe Blanton-Kyle Kendrick combo that will attempt to replace him.

Still, with Roy Halladay, Cliff Lee and Cole Hamels, pitching won't be this team's problem. Its problem will be a lineup that's quickly becoming long in the tooth, having relied on the same cast of characters for the last seven seasons. Ryan Howard, Chase Utley, Jimmy Rollins are all 32 or older and showing clear signs of decline. The Phillies did inject some youth with the acquisition of Hunter Pence last July, but with Howard expected to miss a month or more with a torn left Achilles' -- and only Ty Wigginton and Jim Thome available to replace him -- a lineup that was already treading water will now be bailing it by the bucketful.

No doubt, the Phillies are still an NL powerhouse, and for all their inflated contracts, they did find a way to reel in closer Jonathan Papelbon this offseason. But with the rest of the NL East making even bigger moves, a changing of the guard could happen in the not-too-distant future. Outside of their pitching staff, the Phillies aren't the hotbed of Fantasy talent they used to be.

Bust ... Hunter Pence, OF

The average Fantasy owner is all-in on Pence, targeting him as a top-10 outfielder in the fourth or fifth round. But before you hop aboard the hype train and ride it all the way to crazy town, you might want to remind yourself that the only aspect of his game that changed for the better last year was his batting average. He didn't gain any power. He didn't walk more or strike out less. He didn't fundamentally change as a player. He simply got better results, putting together a .361 BABIP instead of his usual .305 or so. It wouldn't be the first time. He had a .377 BABIP as a rookie in 2007, when he hit .322. But the peripherals suggested it was too good to be true then, and they do now as well. Pence is an asset in Fantasy because of his job security and 20-homer power, but he's a .280 hitter who can't take a walk. That, to me, isn't worth the price tag.

Sleeper ... John Mayberry, OF

General manager Ruben Amaro Jr. has made the comparison. Manager Charlie Manuel has made the comparison. It's Mayberry's identity now: the next Jayson Werth. For the Fantasy owners who have played long enough to remember when Werth rose from obscurity to put together a 20-20 season in 2008, that's cause for celebration. But is it a reasonable expectation? Hey, Mayberry is more of a certainty now than Werth was then, having hit 15 homers in 267 at-bats last year. Like Werth, he's a former first-round pick who, like Werth, didn't begin to meet his potential until his late 20s. And like Werth, he happens to be in the right place at the right time to take advantage. The Phillies are committed to starting Mayberry in left field this year, so as long as he hits righties well enough to keep Domonic Brown's bat in the minors (where the Phillies want it), 20-plus homers is the reasonable expectation. You won't find a more projectable player in the late rounds of mixed-league drafts.

Fading star ... Chase Utley, 2B

Chase Utley has a long history as the top second baseman in Fantasy, and though most owners recognize by now that younger players like Robinson Cano have leaped him the rankings, a certain segment of the Fantasy-playing community still regards him as elite based on nothing more than reputation. Really, nothing more. When he disappointed in 2010, you could argue it was mostly because he missed six weeks due to thumb surgery, but last year, his numbers simply weren't up to par. His .769 OPS was lower than that of Marco Scutaro, among others, decreasing (along with his batting average and slugging percentage) for the fifth straight season. Optimists will point out that Utley was never fully healthy, having missed the first seven weeks with a knee issue, but at age 33, injuries come with the territory. When a player on a steady downward trend can no longer stay in the lineup for 140 games, the end is near. I can think of better uses for my sixth-round pick than Utley.

2012 Philadelphia Phillies Fantasy Outlook
Projected Lineup Pos. Projected Rotation
1 Jimmy Rollins SS 1 Roy Halladay RH
2 Chase Utley 2B 2 Cliff Lee LH
3 Hunter Pence RF 3 Cole Hamels LH
4 Ryan Howard 1B 4 Vance Worley RH
5 Shane Victorino CF 5 Joe Blanton RH
6 John Mayberry LF Alt Kyle Kendrick RH
7 Placido Polanco 3B
Bullpen Breakdown
8 Carlos Ruiz C CL Jonathan Papelbon RH
Top bench options SU Antonio Bastardo LH
R Ty Wigginton UTL RP Jose Contreras RH
R Jim Thome 1B RP Michael Stutes RH
R Laynce Nix OF RP Dontrelle Willis LH
Rookies/Prospects Age Pos. 2011 high Destination
1 Trevor May 22 SP Class A Double-A
For all of Matt Moore's exploits last year, May actually led the minors in strikeouts per nine innings. He'll be ready to carry the baton once Halladay-Lee-Hamels is done.
2 Brody Colvin 21 SP Class A Class A
Though his stock dropped last year, Colvin still has top-of-the-rotation stuff if he can rediscover his delivery. Clearly, the Phillies don't have any reason to rush him.
3 Jesse Biddle 20 SP Class A Class A
Though maybe the safest of the Phillies' big pitching prospects, Biddle is also the furthest away. He'll need to show more consistent velocity to take another step forward.
4 Sebastian Valle 21 C Class A Double-A
Valle has a high ceiling both offensively and defensively, but his progress has been slow so far. You shouldn't expect to see him in the majors for a few more years.
5 Jonathan Pettibone 21 SP Class A Double-A
The hard-thrower with good command might be the pitching prospect closest to joining the Big Three in Philadelphia, but it still likely won't happen in 2012.
Best of the rest: Phillippe Aumont, RP; Justin De Fratus, RP; Michael Schwimer, RP; Joe Savery, RP; Freddy Galvis, SS; Larry Greene, OF; Tyson Gillies, OF; Matt Rizzotti, 1B; Austin Hyatt, SP; J.C. Ramirez, SP; Darin Ruf, 1B; and Harold Garcia, 2B.