The White Sox are considering shutting down Jake Peavy for the rest of the 2009 season at the risk of further injuring his elbow.

From the Chicago Tribune:

“Believe me, if we fall more and I don’t think deep inside my heart and my guts that we have a chance, I will tell [general manager Ken Williams and pitching coach Don Cooper] to just shut him down and wait for next year,” manager Ozzie Guillen said. “I am honest with myself. It’s funny, because you can tell the fans anything you want. But when you go to sleep and think about how good you are or how bad you are, you’re not lying.”

Time could be against Peavy because the minor-league regular season ends Monday. Double-A Birmingham will advance to the playoffs, so that could be Peavy’s option if he recovers in time to pitch in a minor-league game.

Even though it would be disheartening for fans to see the White Sox’s new toy shut down without making his Chicago debut in ’09, it would be the right move. The Chi Sox are currently 7 games back of the Tigers in the AL Central and it isn’t worth risking injury to Peavy when he’d only pitch in three or four games anyway.

Shut it down.

According to a report by SI.com, the White Sox are believed to be the team that made a waiver claim for Blue Jays right fielder Alex Rios.

By rule, the Jays are also allowed to let the claiming team assume Rios’ contract — a seven-year, $69.35 million deal which still has about $60 million remaining on it — or pull Rios back and keep him and his contract.

Two competing executives, who were unaware of the identity of the claiming team, opined that they believe the Blue Jays, who have financial issues, would be wise to just let the claiming team have Rios and his contract. However, there is little evidence that the Jays are willing to do that at this point, and may instead be trying to acquire pieces of significant value in return for Rios.

Rios makes sense for the Sox, who will be able to take on salary with guys like Jim Thome becoming a free agent in 2010, and whose outfield situation could use an upgrade.

What’ll be interesting to see is if the Blue Jays try to acquire something back for Rios, or if they’ll just be happy to dump his entire contract and move on. Either way, if they clear all of his salary off the books, they might be in the running for a top free agent like Jason Bay (who is Canadian by the way) this winter.

According to the Chicago Sun-Times, Jake Peavy threw a bullpen session over the weekend at Citi Field and said he didn’t feel any pain. He’s been out since June 9 following ankle surgery.

”The biggest thing was everything was pain-free,” Peavy said. ”The ankle was a non-issue. I threw about 50 pitches and threw all my pitches, trying to get a feel to accelerate this thing as fast as we can to get back out there. Once again, you have to be smart about it. It was a good day.

A couple of weeks ago it was reported that Peavy might not be able to pitch again this season. But just based on this report, it appears that he could rehab and come back within the next three to four weeks.

The Sox are in a tight race with the Tigers and Twins in the AL Central and could certainly use the boost from Peavy if he can get healthy.

Rick Morrissey of the Chicago Tribune writes that the White Sox should be willing to give up a significant amount of talent in order to acquire Blue Jays’ ace Roy Halladay.

Let’s put on our GM cap and start with shortstop Alexei Ramirez and pitcher John Danks. I know: a steep price. But worth it. Halladay is the overpowering pitcher the Sox haven’t had since Jack McDowell. Last season, he struck out 206 batters and walked 39. So far this year, it’s 106-17.

He would be a difference-maker for a club like the White Sox, who are within 1 1/2 games of first place in the American League Central. How does a rotation of Halladay, Mark Buehrle, Jose Contreras and Gavin Floyd sound? It makes all the heated conversations about a fifth starter seem almost meaningless.

The White Sox played well enough before the All-Star break to end any discussion about whether they’ll be sellers before the July 31 trade deadline. Now they need to be buyers. It very well could be that they would have to give up a prospect or two in addition to two major-leaguers. Do it.

Not that I disagree with what Morrissey wrote, but allow me to play devils advocate here.

Halladay is a free agent after the 2010 season and will mostly likely test the free agent waters searching for his last opportunity to win a championship (assuming of course he doesn’t win one this season or next). That means the White Sox will probably only get him for a year and a half. Is a year and a half of Halladay worth giving up Ramirez, Danks and two decent prospects for X amount of years?

It might be, but that’s a steep price. Kenny Williams would absolutely have to feel that Halladay makes the Sox legitimate World Series contenders to give up multiple pieces. If he doesn’t fully believe that Halladay gets them to the WS, then Williams needs to continue his rebuilding plan with the core he has.