Here is the latest and greatest from Day 3 of baseball’s Winter Meetings…

McLouth is headed back to Pittsburgh

Pittsburgh Pirates Sign Nate McLouth: McLouth couldn’t handle being part of a successful team in Atlanta, so he is going back to the place where he had the most success and is guaranteed to lose — Pittsburgh.

The Pirates signed McLouth to a one-year, $1.75 million contract. He will most likely fill the role of fourth outfielder for the Pirates. I like this move by the Pirates. McLouth is a low-cost player, who could regain his form he showed in Pittsburgh a couple of years ago. Not likely, but worth a shot for the Pirates.

Pirates Sign Erik Bedard: The Pirates signed Bedard to a one-year, $4.5 million contract according to MLB Trade Rumors. If any player deserves to wear a Pirates uniform, it’s Bedard.

I have been saying for years now that Bedard strikes me as a player who would rather pitcher in Kansas City or Pittsburgh rather than Boston or New York and now he will get his chance. The guy is just not ready for prime time.

Bedard had a nice season with the Seattle Mariners and Red Sox last season as he had a 3.56 xFIP and an 8.7 K/9 in 129 innings. His 2.4 WAR was his highest since his 2007 season with the Baltimore Orioles.

Another nice acquisition by the Pirates. If Bedard stays healthy, he certainly will have value at the trade deadline if the Pirates are out of it.

Carlos Beltran‘s Market Thinning: The San Francisco Giants are no longer an option for Beltran and Jon Heyman reports that the market for the former New York Met is “thinning.” I see three potential landing spots for Beltran: Boston, Milwaukee or Toronto. Remember, the Brewers were in on Beltran at the trade deadline and if his medicals check out, they could use him in right if they want to move Corey Hart to first base.

Albert Pujols Says No To Miami: Pujols’ agent, Dan Lozano informed the Marlins today they are no longer an option for Pujols according to Jerry Crasnick of ESPN.com. I am a little disappointed to be honest. Not because I want to see my friend Tom have a heart attack because Pujols left St. Louis, but because the signing of Pujols would have officially made the Marlins a three-ring circus.

Jose Reyes and Pujols in the same offseason? That would have been nuts.

Expect Pujols to re-sign with the Cardinals any day now.

Washington Nationals Turn Their Attention to Roy Oswalt: The Nationals missed out on Buehrle and it looks like C.J. Wilson might end up with either the Los Angeles Angels of Anaheim or the Marlins. That leaves them courting Oswalt according to Adam Kilgore of the Washington Post.

Oswalt is coming off his worst season in the Major Leagues in 2011 and can no longer front a rotation. Despite Oswalt getting up there in age and a little long in the tooth, he would be a good fit for the Nationals at the right price. The Nationals could use a veteran on their staff like Oswalt to mentor someone like Stephen Strasburg.

Chicago Cubs Trying To Land Prince Fielder: The Cubs are trying to land Fielder with a lower-year, higher annual value contract, which is a pretty smart maneuver on their part. The market for Fielder is shrinking, so there is no need in offering him a seven or eight-year deal.

If the Cubs could land Fielder on a “Ryan Howard-type” contract as Buster Olney suggests, that would be quite the score for the Cubs.

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By The Baseball Index