The Rays will get pitcher Alexander Torres and third baseman Matthew Sweeney in return in the deal, which is expected to be announced later today.
I'll leave the prospecting to those better versed at it. The Angels will also presumably take on Scott Kazmir's contract, which calls for $8 million next year, $12 million in 2011, a $2.5 million buyout in 2012 or a $13.5M option. Kazmir is obviously a risk-reward guy at this point, with a lot depending on his health, but although he certainly can pitch to an extremely good level, his injury and effectiveness issues make me doubtful that he lives up to the remainder of his contract.
Still, he's young (just 25 this season), so him posting solid years over the next three or so seasons is not out of the question. I've thought about this for about a half hour now and I'm still not sure how I feel about the move as it relates to us.
2:15PM UPDATE: Now multiple people are saying this has fallen apart. Surprise!
3:15PM UPDATE: Now multiple people are saying this will get done within an hour or so.