The 2008 New York Yankees had an opening-day payroll of $209 million and failed to make the playoffs — a Shakespearean tragedy in New York. The retooled Detroit Tigers had the second highest payroll at $139 million and finished dead last in the AL Central. These were two of baseball's biggest disappointments, but the Yankees still have limitless financial resources to throw at their problems, and the Tigers have a core of young superstars to build around.

The season's ultimate Worst Value team, though, has to be the Seattle Mariners. The Mariners went 61-101 despite a payroll of $118 million, becoming the first team in history to spend $100 million on 100 losses. What's even more alarming is that this may not be the bottom for the Mariners, but the first stumble of an even greater fall.

The Mariners are a medium-market team pulling in large-market revenues, a credit to the team's marketing and management over the past decade. However, while the organization has been skilled at bringing in money, they haven't been so skilled at spending it. Player acquisition was always a weakness under former general manager Bill Bavasi, who was fired in June. The organizational philosophy in the Bavasi era seemed to be: If there's a hole, spend some money to patch it. Trade the future for the present. The Mariners were always in "win now" mode, even when the talent wasn't there.

In retrospect, the implosion of 2008 should not have been a great surprise. It had little to do with bad luck, and a lot to do with bad strategy. Injuries took their toll, but every team deals with injuries. The problem with the Mariners was not the players off the field, but the players on the field.

On the pitching side, despite playing half their games in pitcher-friendly Safeco Field, the Mariners finished with a team ERA of 4.73, 11th (of 14) in the AL. Four starters finished with double-digit losses, and the bullpen converted saves at a league-worst 54% rate, blowing 31 saves in 67 opportunities.

Bavasi's annual plan of signing run-of-the-mill starters to long-term contracts and paying them as if they were stars was particularly disastrous. Jarrod Washburn ($9,850,000 salary in 2008), the 2006 signee, was the best of the bunch, going 5-14 with a 4.69 ERA. Miguel Batista ($9,500,000), the 2007 addition, followed a solid year with a miserable one, splitting time between the rotation and the bullpen on the way to a 4-14 record and 6.26 ERA. Most unsightly of all, Carlos Silva ($8,250,000), with a newly inked four-year deal, didn't win a game after April, putting up a 6.46 ERA to go with a 4-15 record. Erik Bedard ($7,000,000), acquired in a blockbuster trade for half the Mariners' farm system, pitched adequately, but not often, making only 15 starts. Combined, this un-fab four received nearly $35 million in salary for 503 innings (35% of the team total) with a 5.42 ERA. Bedard's performance was a disappointment, but no one except Bavasi ever thought Washburn, Batista or Silva would be saviours.

On the offensive side, the Mariners finished 12th or 13th in the league in runs, home runs, walks, on-base percentage and slugging percentage. Catcher Kenji Johjima ($6,383,000) hit just .227/.277/.332 (AVG/OBP/SLG), yet was rewarded in April with a three-year, $24 million extension — a bit of a head-scratcher, especially considering several of the Mariners' top prospects are catchers.

More crippling for the offence was the performance of first baseman Richie Sexson ($15,500,000) and designated hitter Jose Vidro ($8,500,000). At these offence-first positions, the two combined for a .227/.294/.357 line with just 18 home runs and 75 RBI in 620 plate appearances, while getting paid more than the entire opening-day roster of the Florida Marlins. Sexson and Vidro were given their walking papers before the end of the season, as was non-contributor Brad Wilkerson ($3,000,000), an offseason signee who didn't even last through April. In total, the Mariners spent more than $27 million on players they couldn't bear to keep around.

Even some of the Mariners' "successes" came at a steep price. Ichiro Suzuki ($17,102,000) brought in plenty of revenue as an intercontinental marketing sensation, but as a right fielder with no power, his on-field production didn't merit his superstar salary. Adrián Beltré ($13,400,000) played great defence and put up above-average numbers at third base, but he certainly wasn't a bargain. With all the money wasted on their bad players, the Mariners can't afford to waste money on good players, too.

Interim General Manager Lee Pelekoudas has his work cut out for him in 2009. The financial picture is somewhat rosier, as Sexson and Vidro are off the books. Still, the team has financial commitments totalling $76 million for only nine players, with 15 roster spots left to fill. Ace Félix Hernández (one of the team's few bargains this year at $540,000) and Bedard are arbitration-eligible; combined, the two could make another $15 million, putting the Mariners at $91 million with first base, DH, left field and center field still vacant.

Padding out the rest of the roster with players earning the league minimum, the payroll will still be around $100 million, with the Mariners looking at another 100-loss season. A big bat or two would push the 2009 payroll beyond this year's $118 million, but would likely still leave the Mariners far behind the division champion Los Angeles Angels and the quickly improving Texas Rangers and Oakland A's.

A better bet for the Mariners would be to tear down and start over, trading anyone with value — Washburn, closer J.J. Putz, Beltré and even Suzuki — for younger, cheaper players who will be peaking when the Mariners are ready to compete again. As bad as 2008 was, if the Mariners continue to pursue their "win now" strategy, next year may be even worse.