From reading the headlines, you might think the Dodgers offered Ramirez a two-year deal for $45 million with $25 million in 2009 and a player option for the other $20 million in 2010. But before you tear your hair out at the nearly 37-year old Ramirez turning down that kind of money in this economy, according to the LA Times, more than half of the $45 million was deferred without interest. (Hat tip: Faketeams.com).

The actual offer was $10 million for 2009, $10 million for 2010, $10 million for 2011, $10 million in 2012 and $5 million in $2013.

While it's sleazy of the Dodgers to announce the deal as if Manny was really getting $45 million in present value, I have to disagree with Faketeams and others who argue that this makes the offer unserious. If we consider the $10 million to be paid in 2011 a two-year deferral of the 2009 salary, and the $10 mil to be paid in 2012 to be a two-year deferral of the 2010 salary, and we allow five percent interest (I'm not an expert in what the interest rate should be, but rates are very low now), then instead of $20 million a year, he's getting $19.07 million. And then lets consider the 2013 payment of $5 million to be a four-year deferral of his 2009 salary (after all, he was supposed to get $25 in 2009), so that's worth $4.11 million in present dollars.

So in sum, the Dodgers offered Manny $23.18 million in 2009 and $19.07 million in 2010, i.e., a two-year $42.25 million deal. (Assuming we build in 5 percent interest). If it were 8 percent, then the deal's worth $40.82 million.

To me that still qualifies as a serious offer, though why the Dodgers would be stupid enough to exaggerate the deal to the media (which Scott Boras would see through in a second) is beyond me.