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Another approach that I have used is to trade him for another high priced, low value veteran, perhaps even one who currently has a higher yearly salary but for fewer years, if my budget can sustain a short-term hurt for a long-term gain.
Plus sometimes in the process you can find a pretty worthless veteran whose worthlessness at least fits a bit better on your team (possibly because of some character trait but more likely because of one particular skill that isn't as diminished that can be minimally useful on the bench (say, an aging power hitter who can't field anymore and has low contact skills, but will still draw some walks and more importantly occasionally connect for a homerun off the bench.)) Sometimes the lesser of two evils isn't the worst short-term plan.
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