Batter's Box regular Mike Moffatt edits the About.com Guide to Economics, and has used the Blue Jays offseason as the basis of a feature on that site. Called "Baseball Players and Opportunity Costs", it examines the Toronto club's decision, questioned at the time by some fans, to non-tender a contract offer to Jose Cruz Jr.:
So we see that the Jays did not give up Jose Cruz for "nothing". Instead they gave up Jose Cruz and the opportunity to play 5 minor league players and received the opportunity to play Bordick, Catalanotto, Creek, Myers, Sturtze, and Tam instead. So when a team decides not to retain the services of the player, they always receive two things in return: the money it would have taken to retain the player, and the spot on the 25 man roster that the player would have taken.
There's even a poll, where you can vote on the following question: "Has General Manager J.P. Ricciardi used the concept of opportunity cost effectively when creating his roster of players?" I cast the second ballot, and it's unanimous so far.
https://www.battersbox.ca/article.php?story=20030219074419999