The Mets have offered Jason Bay four years and $65 million according to SI.com's Jon Heyman.
Bay turned down a similar contract from the Red Sox before hitting free agency, so the Mets would likely need to kick in another year to get a deal done. Interestingly, Heyman writes that the Mets didn't want to get into "protracted talks" for Matt Holliday, who could make up to $100 million this winter. The Mets are confident that Bay's pull-hitting style will translate to Citi Field, so it looks like they've finally made their preference known.
Meanwhile, ESPN reports that the Giants have offered a contract to Cardinals free agent Mark DeRosa, which could force GM John Mozeliak's hand when it comes to deciding to fish for Matt Holliday or cut bait.
I am slightly encouraged by the fact that the Cardinals met twice with Scott Boras over the course of the general managers meetings and didn't throw up his hands in disgust to declare the Birds out of the bidding.
Ultimately, it appears the Cardinals are going to have to make a take it or leave it offer to Holliday. I figure the Birds will top out at $90 million for five years or an absolute maximum of six years and $96 million (which was the reported offer before Holliday hit the free agent market.)