To get back to the original posters question I say, sadly, yes. The time to lock him up for a LTC discount has more than likely passed, from here on out it's like we got him as a FA. However, if I were going to trade Dunn someone's taking JR and his contract with him. It's probably the only opportunity we will ever see to be rid of Griffey again before he retires.
Hopefully the FO learns from this and doesn't miss out on doing it right with Pena. He, FeLo, EE and maybe Wagner are the type of young, cheap talent they need to rebuild around. AK is still cheap because his performance won't drive his arb numbers up at all so if you get a good offer jump on it, if not use him through 2007 and hopefully he turns it around.
The scary thought for me however is the people in charge of yet another potential rebuilding project are the same ones who thought Milton and Wilson were worth a lot of $$.