Baltimore would send relief pitcher Chris Ray to Texas. Ray is 27 years old and has been less than stellar the past two seasons (2008: 42.2 IP, 16 saves, 4.43 ERA; 2009: 43.1 IP, zero saves, 7.27 ERA).
In 2008, he got shut down because of Tommy John surgery, and he hasn't shown that he's recovered fully yet.
If Ray can return to his 2006 form (33 saves, 2.73 ERA), then the Rangers would have a great reliever on their hands. He'd be especially valuable if Neftali Feliz and C.J. Wilson (important pieces of Texas' 2009 bullpen) try their hands at starting.
Texas would send Kevin Millwood (34 years old, 13-10 record, 3.67 ERA) along with $3 million. Millwood is owed $12 million in his final year before free agency.
Millwood is coming off his most productive year since signing a $60 million contract in 2005. He pitched at least 160 innings in each of those years. He would be a good workhorse to round out a young Orioles staff.