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No, it's not a free agent signing, but here's how trading Vernon Wells could affect the Angels' free agency:
The resurgence of Wells has been a twofold positive for the Angels. First, they've actually needed him to produce in the midst of a playoff race and secondly, they will likely make an effort to move his $21M salary during the offseason, which will free up more dollars to sign free agents in a real area of need and thin out the crowded Angels' outfield at the same time.
His relatively strong play coming off an injury has only made his stock go up, and there are plenty of suitors that can use him if he continues to show he can contribute at a high level once again. His .230 BA in 2012 isn't going to scare anyone, but he's being paid too much not to play every day and has show that he can contribute when given the opportunity.
The Angels have a lot of young talent they are satisfied with in the outfield and can afford to move on without him. Trading him would be an ideal way to make room for free agents elsewhere.