Wow. I guess I was wrong about Nate McLouth not making the team. Victor Santos and McLouth are both safe, unless the Pirates make another trade. The Trib reports that Matt Capps will also make the team, and the Bucs purchased Jose Hernandez' contract as well.
The really surprising move here is the Gerut/McLouth decision. I have to wonder what the Bucs are thinking here. If they only use McLouth as a fifth outfielder, this doesn't make much sense - in that case, they should just use Gerut there and let McLouth play every day in Indianapolis. If, though, they're concerned about Chris Duffy being hurt or ineffective and they're planning to start McLouth, then this move seems fine to me. Santos over Duckworth is likewise a good decision, I think.