It was a bad baseball deal because it would have weakened the Reds defensively, if they were indeed going to move Aaron Boone to shortstop and Barry Larkin to center field. Griffey is obviously a better center fielder than Larkin (heck, Griffey's a better center fielder than all but two or three CFs in the bigs). Larkin is a better shortstop than Boone, and Boone is a better third baseman than Nevin.

It was a bad business deal because no one is going to buy a ticket to see Phil Nevin play. If Griffey's healthy - and I know that's a big if, given the last two years - he's one of the biggest draws in the game.

It was a bad deal on a personal level because Griffey took less money to come to Cincinnati. And though Griffey's stats haven't been what were expected because of injuries, the Reds signed him until 2008, not 2002. It shows a lack of loyalty not sticking with a player when he's hurt. If he was going to be shopped, the Reds at least owed him a phone call.

It was a bad deal short-term because the Reds aren't going to win next year with Nevin. They might win with Griffey if - there's that word again - he returns to what he was.

It also was a bad deal long-term because Nevin's upside is never going to be what Griffey's is.

With all that said, I know why the Reds tried to make the deal. CEO Carl Lindner is holding the line on player payroll. The Reds have crunched the numbers and can't see how to avoid losing money with a player payroll of $55 million-plus. Trading Griffey for Nevin would have saved $7 million for 2003.

Now, if I'm Jim Bowden and John Allen, I make this plea to Lindner: Put the payroll at $62 million or whatever it takes to keep Griffey, because next year, when Larkin's contract runs out, $9 million goes off the Reds' payroll.

Allen and Bowden might have made this argument. I don't know. Lindner isn't talking, of course. But what I've been told is he'd rather give money to charity than take a huge loss on the Reds.

But the argument can be made that money spent keeping this team intact isn't a waste. It's an investment in the future.

Say Griffey is Griffey again. He's working out with two personal trainers and promises to be 100 percent by spring training, and if so, it's not hard to imagine him hitting 50-plus home runs with the short right field-fence and playing Gold Glove center field. How many players in baseball can do that? One - Griffey. If he does that, the Reds probably will contend. That would put folks in the seats and money in the owners' pockets.

Return on investment.

E-mailers constantly are ripping me for not being hard enough on Lindner. How can you rip a guy who chooses to build hospital wings and schools rather than make baseball players richer?

But trading Griffey now would be like selling a company because it has lost money for two straight years after turning record profits in the previous 11.

CAMP NOTICE: Former Reds Joe Oliver and Jeff Shaw are holding a pitching and catching camp for 10- to 14-year-olds Dec. 29-30 at Sports Express in Mason. Cost is $100. For more info: 513-398-2400.

ARBITRATION UPDATE: The Reds offered arbitration to free agent pitchers Joey Hamilton and Jose Rijo. They didn't offer it to left-hander Shawn Estes and right-hander Brian Moehler.

That almost assures that Estes and Moehler, acquired in trades last season, won't return.

Hamilton and Rijo have until Dec. 19 to accept the Reds' arbitration offer. If they accept, they will be treated as signed players. If they reject the offer, they have until Jan. 8 to re-sign with the team.

E-mail jfay@enquirer.com

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