UPDATE, 10:21 PM EST: The New York Mets have signed Jon Rauch to a one-year deal. They have also signed Frank Francisco to a two-year deal. Though it takes a destination for Madson and K-Rod off the board, it also takes two closers out of play instead of one. Less competition, but less destinations as well.

UPDATE, 9:20 PM EST: Jayson Stark reports that the Red Sox acquiring Athletics closer Andrew Bailey is a “real possibility” and that it should scare Madson and K-Rod. If Boston is taken off the board, that would leave only San Diego and Cincinnati as viable options, with the Mets getting close to a deal for Jon Rauch. The Rangers are lurking, though would only sign another closer under the “right circumstances”. Also, do not forget that Francisco Cordero, Cincinnati’s closer in 2011, is still in play. It’s essentially three closers and two viable jobs, so perhaps one of Madson or K-Rod will take the safe route and accept arbitration…The plot thickens.

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UPDATE, 7:47 PM EST: As is per the course, there will be conflicting reports. Peter Gammons tweets that there is no interest from Madson and K-Rod in accepting arbitration from their respective clubs. We’ll see which report is correct soon.

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I can’t say I expected it, but I can definitely say I hoped.

Jayson Stark reports that there are serious rumblings at the Winter Meetings that Ryan Madson will accept the Phillies offer of arbitration due to the lack of closing opportunities. Stark thinks that K-Rod could do the same with the Brewers. The move would deny the Phillies some prospects in this year’s draft, but this could set up one of the best bullpens the Phillies have had in a long time. Imagine a Phillies bullpen that includes Antonio Bastardo, Ryan Madson and Jonathan Papelbon. Top that with a rotation with Roy Halladay, Cliff Lee and Cole Hamels and the rumblings before next year won’t be the best rotation ever assembled: It may be the best Pitching Staff ever assembled.

Of course we’re ahead of ourselves. Ryan Madson still has to actually accept, which Scott Boras, the money-grubbing jerk that he is, is advising him against doing. However, the closer market is shrinking. The Marlins have nailed down Heath Bell. The Phillies have Papelbon. The Red Sox have Bard. The Angels are attempting to acquire Brandon League from the Mariners. The Brewers have Axford. The Blue Jays have Sergio Santos.

Does Madson really want to pitch in San Diego or New York (Mets) just so he has the opportunity to close? Would Madson take a closer position on a non-contender? If not, Cincinnati and Boston (if they are not confident in Bard) are your only options.

How much would Madson make in arbitration? $7 million? $8 million? Certainly not the $11 million he was going to make before his initial deal with the Phillies fell through. If Madson does make $8 million, then the Phillies would just about be limited to signing Jimmy Rollins this offseason. Aramis Ramirez may no longer factor into their financial plans. Madson accepting would also close the door on Brad Lidge returning to Philadelphia. The Phillies going through arbitration with Madson and signing Jimmy Rollins would leave them with some wiggle room during the season, which Amaro always likes so that he could make a mid-season move if need be.

There are so many questions, and so few answers. Would the potential of one of the best pitching staffs in the Majors be enough to entice Madson, like the rotation did with Lee? Would he accept less money to come back? Or would the opportunity to close be far more important, enough to make him pitch on a non-contender?

We’ll find out within the next 24 hours.

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