MLB Free Agents 2012: 5 Likely Closer Options for Toronto Blue Jays

According to Buster Olney, "The Blue Jays are taking a very aggressive approach in looking for a closer; wouldn't be a shock if they landed one of best guys."

The Jays, it appears, are spending their money quite wisely this offseason and plan on spending it on a bona fide closer.

Last season the Jays had the worst save percentage among all American League teams. Despite that terrible percentage, the team still managed to finish at .500 for the season.

Given slightly fewer blown saves, some extra development from the team's youngsters and possibly another addition or two after solidifying the bullpen, the Jays could conceivably win 10 to 15 more games next season if all goes right.

We will now take a look at what's left in the free-agent market for closers and break down the chances of the Jays landing them.

Honorable Mentions

With no shortage of closers available on the market, here is a list of closers who didn't make the cut.

Francisco (K-Rod) Rodriguez

After switching agents to Scott Boras, Rodriguez officially priced himself out of the Jays' bank account here. The Jays haven't dealt with Boras' clients that well in the past.

Octavio Dotel

Former Jays pitcher proved he's a big-game pitcher in the World Series, however, he seems to be more effective in a seventh- or eighth-inning role at this stage of his career.

Ryan Madson

Likely to re-sign with Phillies; no need to get our hopes up.

Brad Lidge

Risky signing. He was effective in 20 innings last year with a 1.50 ERA, but again, adding him is a huge risk that could get ugly quick.

Joe Nathan

Coming off a pretty weak year, and at 38, the best of Joe Nathan is behind him. A role as a setup man could be in the cards if he's able to regain 80 percent of his 2009 form.

Frank Francisco

Likely will be offered arbitration by the Jays, but will pursue a better deal in free agency and it wouldn't bother the Jays any to receive yet another compensation pick in the 2012 draft.

Joel Peralta

Enjoyed a great season with the Rays last season, but is he ready for the role as closer in the AL East. I would look at him for a setup role however.

5. David Aardsma: Seattle Mariners

Aardsma hasn't pitched since 2010, but his numbers as a closer don't lie. In 120 IP he has struck out 129, allowed only 82 hits and has 69 saves in 78 save opportunities.

Given the fact he pitched in Safeco Field, a notorious pitchers' ballpark, and the fact he's coming off of Tommy John surgery, Aardsma is a major risk to take on.

However, the great thing about Aardsma in my opinion is that you can sign him to a small contract with incentives such as innings pitched and health, and go from there. He has experience as a setup man, so getting him for another bullpen role and signing a more reliable closer could also be an option.

GM Alex Anthopolous is a magician on finding the diamond in the rough, so it wouldn't surprise me to see Aardsma brought in on a cheap deal with incentives.

4. Francisco Cordero: Cincinnati Reds

At 36 years old, a declining strikeout rate and knowing the Reds declined a $12 million option on him might scare teams away from Cordero.

Pitching in the AL East is a whole different can of worms compared to pitching in the AL West and the NL Central. Both divisions are blessed with some of the worst-hitting teams in the majors. From the Oakland Athletics, Seattle Mariners, down to the Pittsburgh Pirates, Houston Astros and Chicago Cubs, some could argue that Cordero really hasn't dealt with the meat of the majors yet.

That meat can be directly found in the AL East. Great-hitting teams like the New York Yankees and Boston Red Sox play out of the division, as do the Baltimore Orioles and Tampa Bay Rays.

The best part is that in Cordero's career, the division he's had the most success with has been the AL East, oddly enough. He has struggled more with the AL Central and West in his career pitching against American League teams.

Cordero isn't worth $12 million anymore, but I wouldn't hesitate on offering him an $8 million contract.

3. Jonathan Broxton: Los Angeles Dodgers

Broxton is an absolute monster of a man—6'4" and 300 pounds of pure power.

However, with some injury troubles and control issues, Broxton has managed to lose his job out in sunny Los Angeles.

He was nearly un-hittable up until 2010 when he started elevating his pitches and started to get hit harder.

Last season his year was done in early May with bone spurs in his right elbow; he eventually had surgery in September of 2011.

As you can tell, the decreased strikeouts and control problems in 12 innings last year could have been a direct result of a nagging elbow injury that could have dated all the way back to 2010.

Nonetheless, adding Broxton to a short, two-year deal laden with incentives seems to be the plan for many general managers. Plenty of teams nowadays need a closer and the Blue Jays are one of them.

The Jays have many questions going into next year, but if they can manage to pick up Broxton and he resurfaces into one of the best closers in the games, it would be yet another savvy move for Anthopolous and the Jays.

2. Heath Bell: San Diego Padres

At 34, Heath Bell is in the midst of the prime of his career. In three seasons as a closer with the Padres, Bell has never blown more than six saves, never had an ERA under 3.00 and, lastly, has had a minimum of 42 saves in all three seasons.

A very good resume to say the least for the Blue Jays to consider.

Bell should be the Jays' top priority heading into the offseason if they plan on making a run for the division.

The Padres want to offer arbitration to Bell, and according to some reports, Bell may opt to accept arbitration instead of test the free-agent waters.

The Jays seem comfortable offering him a four-year deal worth upwards of $36-40 million. The Padres seem more likely to offer a two-year deal worth $15 million. Let the bidding war begin.

1. Jonathan Papelbon: Boston Red Sox

Easily should be the closer the Jays target if they want to spend a large amount on a closer. He's got AL East experience, has pitched in mammoth games, has the closer demeanor on the mound and, lastly, he's a control artist, even though he pitches in the upper-90s.

The Jays have not had a closer since the days of pre-injury BJ Ryan who could throw in the upper-90s with pinpoint control.

With rumors circling that the Jays may be looking to add David Ortiz , adding a Red Sox pitcher to the mix wouldn't hurt. The thought of Ortiz in the middle of the lineup and Papelbon closing games brings a tear to my eye.

But I digress.

The odds of the Jays signing him increase if Big Papi joins the team, but don't discount the power of John Farrell's wisdom as he could have a say in whether Papelbon decides to take his act north of the border.

Adding both Papelbon and Ortiz to the fold could cost the Jays in excess of $25 million a season for two guys, so tread carefully Jays fans—the thought of them spending money is nice, but is it realistic? I tend to think glass half-empty on that one.

I mean, the Jays did sign Roger Clemens back in the day, so anything is possible, right?