It makes so much sense in baseball terms.
The Red Sox need a catcher, preferably a young one to plug in with all the young players in the lineup or soon to come. Jason Varitek is gone, and the Red Sox seem to be holding out as long as they can, unknown is whether this is trying to find an alternate solution or just trying to get Varitek's salary demands to come down (maybe even a bit of both). Even if they want both, getting a good, young catcher would give the Red Sox more leverage in discussions with Varitek.
The Rangers always need pitching. Sure, their system is glutted with a bunch of pitching prospects, but you can always use more, especially of ace-quality. Kevin Millwood and Vicente Padilla will be gone next season, and adding one of Boston's quality pitching prospects gives the Rangers more options.
It makes organizational sense.
The Red Sox have one of the most plentiful farm systems in baseball, and pitching is a big reason why. Clay Buchholz, Michael Bowden, Casey Kelly, Nick Hagadone, Daniel Bard, Stolmy Pimentel, and newly-acquired Junichi Tazawa are all very solid to excellent pitching prospects. They could afford to give one or two up in exchange for a young catcher, something they do not have in their system. The big issue is that the Red Sox don't want to give up the one with the highest potential -- Clay Buchholz --, who could be an ace one day. That's the one the Rangers want, understandably.
The Rangers also have one of the best farm systems in baseball, and catching is their major surplus with Max Ramirez, Taylor Teagarden, and Jarrod Saltalamacchia all ready for a major-league job. Trading one leaves two for the Rangers to platoon or leave one in AAA for more experience. Teams always like young pitching, and considering the Rangers had the worst ERA in baseball last season, they need pitching badly. The big issue is that they want value in return for either Jarrod Saltalamacchia and Taylor Teagarden, who have the most upside. One of those is who the Red Sox want. Saltalamacchia seems to be the one of particular interest, but I think a straight-up trade of Teagarden for Buchholz makes too much sense not to get done.
It makes financial sense.
Both are young players who have at least five years of control left (I actually think both have six left, but I'm trying to be cautious).
It makes talent sense.
Clay Buchholz is an ace-quality pitcher. He has the tools to be the next great pitcher, and has even shown it by throwing a no-hitter. He, however, had some issues last season and regressed due to losing command of his fastball and a subsequent lack of confidence. This off-season, he pitched well in Fall Ball and should be ready to resume his major league career next season.
Taylor Teagarden is an amazing, young catcher. Those are arguably as hard to find as young aces. He can hit and play defense. How many of those do you find? Not many. Last season, he had an incredible final month that really put him on the map with an OPS over 1.000. He, however, cannot be counted on to repeat that for an entire season, but it shows that he is capable of really hitting at the major-league level.
So why isn't this done yet?
First, teams don't like to trade high-end prospects straight up. You spend all the time, energy, and money into developing a sure-fire major leaguer, and you don't want someone else realizing the benefits. Prospects are prospects, and you don't want to be caught on the wrong side, where the prospect you receive fails and the one you gave up succeeds.
Second, it's a battle of wills. My guess is that both teams would like to make this trade, Buchholz for Teagarden. As I said, it makes a lot of sense. Each team, however, wants to "win" this trade. Why give up Buchholz if you can get Teagarden for Bowden (a little less talent than Buchholz)? Why give up Teagarden if you can get Buchholz for Saltalamacchia (more undeveloped than Teagarden but may have more upside)? So, the teams are stuck trying a Bowden for Saltalamacchia deal. The problem is those are not the players the other teams want. So, they're trying to make the other bend first.
Finally, there's still time. Pitchers and catchers don't report for about 6-8 weeks. That's plenty of time to make this deal. Who will come to the table with that Teagarden for Buchholz deal, and will the other team agree, knowing it really is a fair and needed trade?

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