Rob Neyer at ESPN writes an article about who got the better part of the 2004 Pedro Martinez transaction, the Red Sox or the Mets.

Neyer writes:

"The Mets have paid Martinez roughly $40 million so far, and he's won 25 games for them, including none in the postseason. If the Red Sox received nothing else but the savings of $40.5 million, they'd be far, far ahead in their semi-transaction with Martinez and the Mets. And all those who agitated for the Red Sox to re-sign Martinez are looking a little foolish."

"But that's not all. There is, as Paul Harvey might say, a rest of the story ... Because the Red Sox "lost" Martinez to free agency, they were were awarded the 42nd pick in the 2005 draft, and they used that pick to draft [Clay] Buchholz. So for the Red Sox, the Mets' profligate offer to Martinez was a wonderful gift, and one that should keep on giving for a number of years."

I can't help but agree with Neyer to a point. Yes, a Mets no-hitter would be nice right now, assuming Bucholz would have done it in Queens.  And a strong, youthful arm would also be very nice right now. But what Neyer fails to mention is the "rest of the story" for the Mets, which I call the "Pedro Effect".

Pedro made the Mets a more attractive place to sign for players such as
Carlos Delgado, and Carlos Beltran. The signing showed everyone that the Mets were serious again.  Clay friggin' Bucholz doesn't create one tenth of the buzz that Pedro brings to Shea, even when he's not starting. So yes, economically, the signing may not have made much sense, but it's the intangibles Rob, that make the signing very worth it for this fan.
Ballhype: hype it up!