On one point, at least, the Red Sox are not bluffing.

The team may or may not still be in the running for Mark Teixeira. Though Sox owner John Henry emailed a statement that the Sox “are not going to be a factor” in the bidding for the first baseman, there was plenty of reason for skepticism about his statement.

Even so, it should not be doubted that the Sox are willing to walk away from a negotiation, no matter the talent of the player involved. The team establishes a value—in dollars and years—for a talent, and remains steadfast in that assessment.

That point was underscored by Sox general manager Theo Epstein at the beginning of the offseason. Epstein, on the first night of the general managers’ meetings in early November, offered this assessment:

“In baseball, if you convince yourself you need a certain player, you’ve already lost. One player doesn’t have that much impact. It’s about building organizations. It’s not about adding players.

“There’s no player you can have to make up for an inherent weakness in the organization—a foundational weakness. You need to build the foundation up where you don’t need that one player. Yeah, you can pursue that player. He may be a great fit. But if it doesn’t work out or if the money gets ridiculous, you can turn to another player.”

The Sox, in concert with Teixeira and his agent Scott Boras, are now exploring that fine line. Accordingly, last night, it seemed nearly impossible to make a determination about where the negotiations between the two sides stood. Though the baseball world left Las Vegas at the conclusion of the winter meetings more than a week ago, high-stakes poker continues to define the sweepstakes for Teixeira.

Yesterday, it seemed as if the Sox might be on the cusp of locking down a deal with the prized first baseman. Henry, president/CEO Larry Lucchino and Epstein requested a face-to-face meeting with Teixeira and Boras. The Sox officials flew to Texas, and anticipation of a deal—likely in the eight-year, $175-185 million range, perhaps as soon as last night—began to swell.

Hours later, Henry and Boras each circulated public messages that vaguely suggested that negotiations had unraveled. Yet there was plenty to read between the lines.

"We met with Mr. Teixeira and were very much impressed with him," Henry wrote in an email. "After hearing about his other offers, however, it seems clear that we are not going to be a factor."

Sox officials did not respond to follow-up inquiries about whether the team still had an offer on the table to Teixeira. Hence, the statements are open to complete conjecture.

Though Henry could be suggesting that the Sox, believing that they have been out-bid, are bowing out of the process, there are a few loaded terms here. Henry’s mention of “other offers” could be viewed as an indictment of a common Boras negotiating tactic, namely the mention of mysterious, unspecified teams that have made offers that vastly exceed those of his clients’ known suitors.

Boras, meanwhile, offered a response that did nothing to shut the door to continued pursuit of a deal with the Sox.

"The Boston ownership was kind enough to request and travel to meet with Mark Teixeira," Boras said in an email to The Associated Press. "While it was a very positive meeting, Mark was candid and advised he is in the process of making a decision and is now attempting to eliminate teams."

But which teams? The Red Sox? Again, answers were few, as the negotiation remains caught in vague pronouncements that ultimately may be meaningless. 

What is clear is that both negotiating parties are willing to play this game of chicken to its conclusion. The Sox almost never exceed what they consider fair value for a player, and are more than willing to treat Boras’ claims with a critical eye. That pattern has played out with Boras clients whom they have both acquired (Daisuke Matsuzaka) and those whom they have seen walking away (Johnny Damon, Alex Rodriguez).

Boras, meanwhile, is fond of describing nearly everything as open to negotiation. That includes a statement by a club that it is no longer interested in one of his clients.

Teixeira is merely the latest object of the fascinating dynamic between the club and the agent. Neither yesterday’s proclamations nor the precedent of prior seasons offers much to figure out how the situation will be resolved.

RECENT NEGOTIATIONS BETWEEN BORAS CLIENTS AND THE RED SOX

ALEX RODRIGUEZ (Nov.-Dec. 2003)

The Red Sox started their efforts to acquire Alex Rodriguez by having a face-to-face meeting between the American League MVP and Henry, but without Boras. Lucchino subsequently claimed that they were not trying to sidestep the agent, but rather that the team wanted “to get a little momentum” in negotiations to have Rodriguez restructure his contract.

Ultimately, it was the MLB Players’ Association, rather than Boras, that refused to let Rodriguez sacrifice $28 million in salary over the final seven years of the contract.

 JASON VARITEK (Dec. 2004)

Even a negotiation in which both sides were motivated to reach an agreement presented a significant number of hurdles. Varitek and Boras, for instance, sought a no-trade clause. But the Sox could not provide one without providing similar protection to several other players on the club.

A compromise was reached. The Sox agreed to establish a new policy providing no-trade protection for players who had been with the Sox for eight straight years. Varitek qualified by the end of the first year of his contract.

JOHNNY DAMON (Dec. 2005)

The Sox offered Damon a four-year, $40 million deal, but were told (as recalled in Seth Mnookin’s “Feeding the Monster”) by Boras that “you aren’t even in the game.” The agent told the Sox that the centerfielder already had offers for as much as six years and $70 million. 

The Sox weren’t convinced, and refused to bid against themselves. Boras later came back and told Boston officials that he had a five-year, $65 million offer from an unidentified team. The Sox were willing to match neither those years nor dollars.

Yet it was ultimately a four-year, $52 million deal that convinced Damon to go to the Yankees. The Sox were sufficiently distressed to call a press conference in which Lucchino admitted that the end result of negotiations “came as a surprise.”

DAISUKE MATSUZAKA (Dec. 2006)

Shortly after the Sox won the right to negotiate with Daisuke Matsuzaka by posting a fee of $51.11 million to the Seibu Lions, the team proposed a six-year, $36 million contract to Boras. But Boras did not respond for weeks, and the Sox worried that the agent might not have even presented the proposal to his client.

Frustrated by the agent’s tactics, the Sox sent a contingent of front-office members to Southern California in hopes of conveying their sentiments to Matsuzaka in a face-to-face setting. Ultimately, the strategy seemed to pay off, as Matsuzaka appeared to compel Boras to accept the final Red Sox offer of a six-year, $52 million deal for his services.

Alex Speier is a senior writer for WEEI.com.