As could be expected, with the free agency market about to open, Bay rejected the first offer from the Sox. After the numbers he put up this year, how could he accept the first offer? This is his pay day.
The NY Mets, according to numerous web sites and reports, are ready to make Bay their number one off-season priority. It would be easy to say that this interest in agent driven (a la Boras) to get the Sox to up their offer. However, Bay may be the biggest bat available this off-season.
I know it sounds crazy, but I don't see the Sox getting into a bidding war with anyone over Bay. They will set a price for him and then see if he will accept. If not, then on to plan B.
In this case, I believe plan B will actually be plan A (which is getting Gonzalez from San Diego). Since missing on Texeira, and seeing his value (even at over what the Sox offered him), it would seem this is on player for whom the Sox would readily "overpay".
Either way, the free agency door opens at midnight tonight.