Here is my thinking: Omar Minaya wants Wagner badly. This is the same Omar who inflated the market price for B-List pitchers last season with his signing of Chris Benson (we then overpaid for Jaret Wright. Lieber's option, in retrospect, was a great deal). Omar is about the inflate the market price again by getting his man - Billy Wagner.
I suggest we make an offer to Wagner. Whether or not it's true that BJ Ryan doesn't want to deal with the "pressure" thing, and guys like Gordon are looking for closer roles, one thing is true: Most of the relievers on the market who are looking for "closer money" are going to wait to see what the Mets pay Wagner. So rather than sit back and watch the Mets 1) Inflate the market and 2) Get a good pitcher, I suggest we outbid them for Wagner. Otherwise, we'll not only miss out on the better relievers available (if BJ and Gordon go somewhere to close), but we will also end up paying premium (Omar inflated) prices for the B-List relievers.
There is a thread on Looper. Imagine paying premium, close to "closer type" money for Looper - a guy who gave Mets fans fits everytime he came into a game.
If we don't become more agressive, then I hope the Yankees sit back and don't overpay for consolation prizes. To me, that's a waste of money.