The Mets will reduce their payroll from $143 million, where the team began 2011, to approximately $110 million. ARRIVALS: RHP Jon Rauch (free agent from Blue Jays), RHP Frank Francisco (free agent from Blue Jays), OF Andres Torres (trade with Giants), RHP Ramon Ramirez (trade with Giants), DEPARTURES: OF Angel Pagan (traded to Giants), SS Jose Reyes (free agent, signed with Marlins), LHP Chris Capuano (free agent, signed with Dodgers), LHP Pat Misch (free agent, signed minor league contract with Phillies), INF/OF Nick Evans (free agent, signed minor league contract with Pirates), OF Jason Pridie (free agent, signed minor league contract with A's). FREE AGENTS: RHP Jason Isringhausen, RHP Chris Young, OF Scott Hairston, OF Willie Harris, RHP Miguel Batista, RHP Ryota Igarashi, C Ronny Paulino. The Mets expect to lose Isringhausen. Young won't pitch until at least May or June after shoulder surgery. Harris and Hairston were passable bench players. Igarashi actually looked good down the stretch, but the bullpen-depleted Mets released him in October. Paulino was non-tendered. ARBITRATION-ELIGIBLE: RHP Mike Pelfrey, RHP Taylor Buchholz. Pelfrey has been a steady rotation arm, but he struggled badly this year and figures to cost at least $5 million -- which Mets officials believe might be the price of 200 innings. IN LIMBO: INF Daniel Murphy. The Mets like Murphy's bat, but they might just be running out of positions for him. He has torn his knees apart twice playing second base, and with first base and third base taken by Ike Davis and David Wright, it's getting harder to find a place where he can play. He failed in the outfield in 2010, and the Mets think he might have a hard time returning to that spot with braces on both knees. MEDICAL WATCH: --LHP Johan Santana (left shoulder surgery in September 2010) made his way back into minor league starts during the 2011 season. He was due to be shut down after some instructional league outings, and the Mets said he won't pitch winter ball, but the team expects him ready for spring training. --1B Ike Davis (bone bruise in left ankle joint) avoided surgery after the team investigated microfracture as an option. Davis was hurt May 10 and missed the rest of the season, most of it restricted from even working out. If there are no setbacks, he is expected to be ready for spring training. --INF Daniel Murphy (torn MCL right knee) expects to be ready for spring training, although the Mets are unsure what position he'll be able to play with both knees now in braces.

BOSTON - The Red Sox are back to being all-in with Bobby Valentine at the helm. Just listen to three people who played huge roles in Valentine's baseball life - Hall of Famer Tommy Lasorda, who knows about the art of managing a world champion; Mike Piazza, Valentine's former Mets star catcher who is bound for Cooperstown; and Steve Phillips, the former Mets GM who succeeded with and sparred with Valentine - who talked to The Post yesterday. "I'll tell you something, [the Red Sox] are not going to be eating chicken and drinking beer in that clubhouse now,'' Lasorda said.

The Mets are seeking at least a fourmonth extension to pay back the $25 million emergency loan it got last year from Major League Baseball, while they work on closing the sales of minority stakes in the franchise, The Post has learned.

Mets pitcher R.A. Dickey will be honored next month at the Thurman Munson Awards in New York City, the Mets announced Thursday.

Seeking additional bullpen help and potential rotation depth, the Mets announced Thursday that they have signed left-handed pitcher Chuck James to a Minor League contract and invited him to Spring Training.

Bridge loan, meet bridge ballplayers. Andres Torres (under team control for two more years) and Ramon Ramirez (one year) will be gone by the time the Mets are ready to contend. Their stay in Flushing coincides with a transitional period for the franchise, both on the field and financially, ...

New Mets center fielder Andres Torres knows about struggles.

Coming off an injury-riddled summer that saw him pitch through pain and post his highest ERA since his rookie season in 2002, Jon Rauch figured signing with the Mets would allow him to start fresh.

In case another $40 million loan wasn't enough bad news for Mets fans, general manager Sandy Alderson provided some more yesterday when he casually mentioned that Johan Santana may not be ready for Opening Day. "We do have some question marks, of course, with Santana being one of them," Alderson said of the lefty's return from his September 2010 shoulder surgery. "We think he's going to be ready, but he might not be. That's where the [pitching] depth becomes important." Santana had hoped to pitch for the Mets by the end of last season, but setbacks prevented him from getting back to the majors. Because of the uncertainty surrounding shoulder surgery, it's hard to know what to expect from Santana when he does return.

Just two years removed from a World Series championship, new Mets acquisitions Andres Torres and Ramon Ramirez know the expectations will not be as high in New York as they were in San Francisco. They also know they have the power to change that.

The Baltimore Orioles have declined to tender a contract offer to outfielder Luke Scott, who becomes a free agent after an injury-plagued season in which he played only 64 games. The 33-year-old Scott was acquired by Baltimore in the December 2007 trade that sent Miguel Tejada to the Houston Astros. Scott was voted the Orioles' most valuable player in 2010, but he was hindered by a torn right labrum this year and batted only .220 with nine home runs and 22 RBIs. Scott hit .260 with 84 homers and 236 RBIs in four seasons with Baltimore.

GM explains why there's hope for Mets.

Though the Mets continue to seek out starting-pitching help, the recent pool of non-tendered free agents may not help that search.

General manager Sandy Alderson said Tuesday that the Mets expect an influx of cash in January, by which time ownership expects to have sold multiple minority shares in the club.

Daniel Murphy still has not watched the video clip of his injury in its entirety. He has studied his mechanics at second base and his positioning leading up to the collision, right up until Jose Constanza's spike drives into his left knee.

At a time when few Mets are untouchable, general manager Sandy Alderson knows that his players cannot help but overhear the rumors swirling around their heads.

IT WASN'T always this way for the Mets . They didn't always lose their best player to free agency without making an offer or acquire mid-level relief pitchers and outfielders looking for bounce-back seasons, as they have so far this offseason. Twenty-seven years ago yesterday, on Dec. 10, 1984, general manager Frank Cashen swung a trade for one of the top players in the game and the move went a long way in getting the Mets over the hump.

The New York Mets' owners recently got a $40 million loan to help with cash flow, a year after getting a $25 million loan from Major League Baseball.

The New York Mets have signed left-handed pitcher Garrett Olson and catcher Lucas May to minor league contracts and claimed right-hander Jeremy Hefner off waivers from Pittsburgh.