The Cubs would have still been looking for Theo and Theo would still have only one year left on his contract with no hopes of becoming the Red Sox top executive because Lucchino (CEO) is (rightfully) entrenched in that post.

The Cubs are offering Epstein a significant raise and the belief is that Theo will not necessarily be CEO or GM for that matter . . . but likely to be named President. There is speculation (based on the infamous Anonymous Source) that Josh Byrnes or Jason McLeod could be targeted by Epstein to be GM.

Epstein would then go to work revamping the scouting and development departments, and finding ways to increase team revenue – and ultimately payroll. There is no reason why the Cubs can’t have a payroll on par with the Phillies or Red Sox with the proper economic model in place.

And just before I set out to type this, I read this:

The Red Sox clearly have confidence in their way of doing business – with or without Epstein and Terry Francona – and aren’t in a rush to lower demands.

Cubs executives have long admired this Red Sox model, and have consulted with Boston officials in the past. That makes this an interesting pressure point.

http://www.bostonherald.com/sports/baseball/red_sox/view.bg?articleid=1373868&srvc=rss

The sense of inevitability cuts a swath from Wrigley to Fenway, where sources say Ben Cherington already has been internally appointed GM and other members of the Red Sox’ front office are in the process of being shuffled and/or promoted according to that and other falling dominoes anticipated with Epstein’s departure.

http://www.suntimes.com/sports/baseball/cubs/8272985-573/theo-epstein-deal-a-go-but-it-might-miss-deadline.html