INDIANAPOLIS — The information on the market for outfielders Jason Bay and Matt Holliday has arrived in drips. Two of the key figures in this drama — Joe Urbon, who represents Bay, and Scott Boras, the agent for Holliday — have yet to be heard from in Indianapolis.

But, based on conversations with multiple industry officials, here is a look at where things most likely stand.

The Red Sox continue to hope that they re-sign a player who was a great fit in their lineup and clubhouse. Their foremost priority right now appears to be a resolution to the situation in left field, making a determination about whether they can sign either Bay or Holliday, and if not, turning to back-up plans that might include pursuit of other top market options such as free agent starter John Lackey or Roy Halladay, whom the Blue Jays are willing to deal.

There will come a time when the Sox will need to make a decision on one or both left fielders and move on with their offseason. But that point has yet to arrive.

“Timing is important for any club, for any agent. It’s part of the strategy,” Sox general manager Theo Epstein said. “The longer you wait on anybody — I’m not talking specifically about Bay — but the longer you wait on any one thing, the more opportunities go by the board, and sometimes you can wait too long, and sometimes you can act too quickly. You have to balance all those interests. But it’s not a particularly acute issue yet in respect to our left field situation.”

While Bay (who turned 31 on Sept. 20) is slightly older than Holliday, that actually could make him more appealing, since it means that the outfielder could end up with a contract of fewer years than Holliday, who is 16 months younger.

Bay and Holliday clearly are the most enticing options for acquiring (or, in Bay’s case, re-acquiring) an elite player. That is true not just of the Sox but of most teams that are willing to make an aggressive play in this year’s free agent market.

That being the case, it is unsurprising that the Sox are not alone in pursuing Bay. Here is a look at the other teams that bear watching:

ANGELS

The Angels have made clear that they are making a play for the outfielder, with GM Tony Reagins and owner Arte Moreno acknowledging the team’s interest. It is worth noting that Angels manager Mike Scioscia referred to the team signing Bay as a “long shot,” as relayed by the Orange County Register.

Even so, the team has a substantial amount of money with the contracts of Lackey, Vlad Guerrero, Kelvim Escobar and Chone Figgins all off the books. Sox officials feel that there is substance behind the Angels’ interest, viewing them as perhaps the most formidable competitor for his services.

MARINERS

The Mariners are being watched to see whether they make a heavy play for Bay.

The M's, like the Angels, have piles of cash this winter. Adrian Beltre, Kenji Johjima, Jarrod Washburn (who was traded at last year’s deadline), Miguel Batista and Erik Bedard — who were on the books for a combined $50 million at the start of 2009 — all are gone.

Even with the signing of Figgins, and with the need to keep a stockpile of cash for potential discussions of a contract extension with Felix Hernandez, the M’s could still take on another big contract this offseason.
 
Whether they will choose to do so is another matter. Seattle GM Jack Zduriencik has been playing his cards close to the vest. After announcing the Figgins deal, he talked in general terms about his club’s desire to add a middle-of-the-order bat.
 
“We’ve had some discussions about acquiring power. Where that takes you, we’ll see,” he said Tuesday afternoon. “There’s a lot of ways to win ballgames. You can win them with power, you can win them with defense, and you can win them with speed.
 
“Certainly if we can add the combination of all them, that would be fantastic. Sometimes the things you really want to do, the opportunity doesn’t present itself. You take the best options and run with it.”
 
CARDINALS
 
There is no question that the Cardinals are hoping to re-sign Holliday. After a late-July trade from Oakland to St. Louis, Holliday destroyed the baseball to the tune of a .353 average, .419 OBP, .604 slugging mark and 1.023 OPS with 13 homers in 270 plate appearances.
 
The Cardinals, according to manager Tony La Russa, have every intention of making a push to bring the free agent left fielder back to St. Louis.
 
“We rarely get mentioned as one of the teams with a chance to sign him. But we refuse to believe that. I think we've got a legitimate shot,” La Russa said. “I just think that there are some alternatives, and if Matt decides someplace else, we've got a way to make our club a contending club.”
 
Of course, the suggestion of alternatives makes it natural to imagine that Bay would represent a Plan B for the Cardinals should Holliday sign elsewhere, just as Holliday is a backup plan for the Sox. One major league official said that he expected the Cards to make a run at Bay if they were concerned about losing Holliday.
 
Clearly, if the Cardinals are making a run at Holliday, they have earmarked money for left field, and so it is far from a stretch to imagine them reallocating those resources for Bay as needed. Moreover, the Cards have expressed concern about the possibility that Holliday’s timetable for signing might force them to pursue other alternatives, in which case Bay could become more appealing as an option.
 
“The timing is a critical part,” La Russa said. “I don’t know how patient we could be.”
 
METS
 
There is an assumption that the Mets are focused on pitching as their first and foremost priority this offseason. So, even though New York needs a left fielder, there is a presumption that the team will look for a second-tier option in the outfield in order to pursue top pitching options such as Lackey.
 
Yet, one talent evaluator insisted that the Mets are taking more of a read-and-react approach to the market and continue to keep their options open on Lackey, Bay and Holliday. Their involvement in the Bay bidding would qualify as a surprise to some of the involved parties, but given that they have shed more than $30 million from last year’s Opening Day payroll, the Mets could emerge as a dark horse.