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For the uninitiated, here's how things work in Major League Baseball. A player is basically an indentured servant for his major league team for the first six years that he is in the majors. He is entitled to negotiate his contract each year or to sign a multi-year contract; if an impasse is reached, he can seek arbitration.

But after six years, the player can leave his original team as a "free agent" and sign with any other team. Traditionally, the best players take the opportunity at some point after six years of service to sign a huge contract that will leave them set for life.

Because baseball teams have become very profitable in the past few years and a bunch of new, billionaire owners have bought teams, the bidding for these free agents has become more intense each year. Prior to the 2007 season, it was even crazier than before. Much to the pleasure of the players (and the dismay of others), even mediocre free agent players were offered contracts at $10 million per year. So, just to provide context, it's important to note that all of these players are operating in a bizarre world in which guys making $3-4 million per year can rightfully feel underpaid and underappreciated.

The list below notes the free agent contracts that are most likely to be regretted by team owners in the next few years. In order of stupidity...

Gary Matthews Jr. - He looks like a great ballplayer - lean, tall, graceful. But he can't hit. He has had one good year in a decade, and the Angels now think he is going to replicate that for 5 more years. Oh, and he is Suspect No. 1 in the latest performance-enhancing drug scandal.

Gil Meche - This $55-million contract was the defining moment in the free agent period. Meche is the classic pitcher who has talent and has never put it together. He might have the talent to be worth about $10 million per year, but there is absolutely no indication he can put it together on the field. This is the equivalent of the NBA teams paying millions to high school kids who have "potential." Just stupid.

Juan Pierre - This is a more subtle kind of stupidity, but perhaps the one that has the most impact in the next 2-3 years. In this case, the Dodgers are paying $40 million to an outfielder who hits like a high schooler. Sure, he's fast, but that's the only skill he brings to the field. And what makes this especially dumb is that the Dodgers have much better players in the minor leagues right now who they could put in the field for $300,000 per year. So this free

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