To me, Loaiza looked like the best "bargain" candidate of the bigger-name free agent starters entering the offseason, so I don't like the idea of him inking with a division rival so early. If this deal goes down, then Bavasi's only going to have more work to do.
Update: the $47m/5yr BJ-Ryan-to-Toronto deal is also official now, which just goes to show that the best way to spend money when you're boosting payroll by $30m is "quickly." Ryan's a damn fine pitcher, a reliever who led his team in strikeouts a year ago, but I don't know how you guarantee so much money and so many years to a 30 year old reliever, particularly one whose top PECOTA comp is Jeff Nelson.
Update #2: Loaiza's contract is official - three years with a fourth year option. $3m signing bonus, $5m in 2006, $6m in 2007, and $7m in 2008. $7.5m 2009 option, with a $375k buyout.