The Pirates already find themselves trying to address needs in a sellers market. Adding a SP has become almost an afterthought. Garza was a major overypay. Apparently they are looking for more than that for Peavy.
There are few bats out there, but it seems the number of spots on contenders trying to get those bats increase daily.
RP are out there, but you are going to overpay for a "lockdown closer"(which other than Mo I don't think exist) and the rest are a dime a dozen. We have internal options that I would take before trying to deal for someone.
So you take a bad market for the Pirates and make it even worse. Now the Rangers are going to be looking for two outfield spots instead of one and the sellers know they can't stand pat. The Tigers are now in desperate need of a SS. While they have enough offense to make a trade for a weak hitting gold glove type, the fact that everyone knows they are looking will drive up the price on guys like Ramirez.
To a lesser extent, Colon is going to drive up the price on SP. Since the Pirates really aren't able to add a starter anyway, and because the A's aren't going to overspend(they still have a serviceable 5th starter in the minors and its the A's), this isn't as big a deal.
The big name that is going to hurt the bucs is Cruz. Rios, Pence, Byrd just got all the more expensive.
The best thing the Pirates can do is wait until the teams who are going to overpay do so and see what is left and how that fits into you're long term plan. They can ill afford to get into a bidding war with a team like Texas and for a guy who people aren't going to be super excited about anyway.
Maybe we could go after someone in the minors who is being blocked for playing time. Anyone know of any AAA players who are having really good years but cant seem to crack the majors. Anyone hitting 26 homers? Anyone who plays middle infield and his hitting .320? Sure wish we had those guys in our farm system.