This is the biggest three-way since ... I don' know, since three really fat people got it on a while ago. I count 12 players involved.
USS Mariner, Looking Landing, Let's Go Tribe, MetsBlog takes.
I like this trade for the Mariners, because they got younger and I think that OF defense is pretty important at Safeco Field. Chavez and Heilman might be free agents at the end of the season (I saw that claim, didn't bother checking it), but the Mariners should have enough cash to keep them around at a reasonable rate if they so choose.
I think it's a good trade for the Indians because they probably needed infield defense more than they needed outfield defense. Valbuena might not be as good as Gutierrez, but they are similar defense-first players, and this will allow the Indians to move Astrubal Cabrera (also a former Mariners prospect) to SS, while shifting Peralta to 3B. (I believe I read that he has been playing there in winter ball.) With Sizemore in CF, getting rid of an all-glove corner OF shouldn't be a huge loss. I haven't bothered to look at Joe Smith at all, I can only hope that the Indians break some rules while making a shady arrangement with his agent and they lose their first-round draft picks for the next decade.
The Mets took the "we have all kinds of salary, let us take that contract off of your hands" position in this trade, and it's probably a fine one for them. There's plenty of injury risk with Putz, though. Given how much velocity K-Rod lost on his fastball this last year, there's a real chance that the Mets could lose both of these guys to injury as soon as this year. They probably won't, but I think it's a real risk.
Joe Smith involved in a deal??? Aren't there first-round picks involved??