[REDREAD]

I think they have enough money at bare minimum to replace either Ludwick or Madson's "slots", even though a lot of players are getting raises.
(Hopefully money for both roles).
Heck, Rolen's probable retirement means softens the payroll blow as well.

Walt seems like the type that prefers to spend money only when it makes sense though. For example, he's never going to sign a Milton just because he still has payroll money and Milton is the "best available pitcher left", like DanO did.

It seems they are aggressively looking for another relief pitcher at bare minimum.

If we believe the stories of Walt kicking the tires on OF last trading deadline, I bet he has money. I don't think he would've been asking about Garza, Elisbury, Span, etc if this years' payroll was that tight..