YOUR BOSTON RED Sox have three bona fide superstars on their current roster. Perhaps there are more diamonds in the rough waiting to be discovered, but right now, there are three who have already gained legend status and are more than likely Cooperstown bound, should their careers continue at their current rates. Like Cher, J.Lo, and Madonna, fans relate to them on a first-name basis not only throughout Red Sox Nation, but throughout the baseball world: when you say Nomar, Manny, and Pedro, everybody knows that you’re talking about Garciaparra, Ramirez, and Martinez.

What major-league team wouldn’t want three athletes of their caliber? Few teams can say that they have three legitimate Hall of Famers on their squads, and this particular trio represents the fervent hopes of the legions of Red Sox fans worldwide who pray daily for that long-elusive world championship.

Problem is, the Major League Baseball salary landscape has changed ever since the impending labor dispute was resolved in late August. Annual contracts that had approached, and in some cases reached and surpassed the $20 million level were becoming more and more routine, and each superstar reaching free-agent status expected to be paid even more than the current highest-level standard.

Those kinds of contracts will be a thing of the past under the new labor agreement, and the implementation of a luxury tax has made signing one player to a huge-money contract prohibitive. That’s why Alex Rodriguez’s 10-year, $252 million contract, signed two years ago, will probably never be topped in the current fiscal climate.

The guys who signed the big-money deals are the lucky ones; the teams obligated to pay out under those terms are the unlucky ones. And for Red Sox fans, their team’s ownership has to fall under the "unlucky" category, because not only do John Henry & Co. have a lot of debt service and a dinosaur of a park to uphold, but they were saddled with a $100-million-plus payroll that made no fiscal sense for a franchise stuck with the smallest park in the majors and therefore desperately limited in what they can realistically earn.

Most teams under the new agreement do not want to top this season’s $117 million total payroll mark that will trigger the luxury tax, so huge contracts are out, and financial responsibility is in. That does not help the owners, like the Sox’, who are faced with the prospect of paying just a few players a lot of money, and then faced with the prospect of divvying up the rest among 22 other guys.

While it is emerging as a problem this year, this Red Sox dilemma will become even more pronounced in the 2004 season, when just three players — the aforementioned gems of the organization — will be earning nearly $50 million collectively. Since the team will most likely not want a total payroll of much more than $100 million, three players will make up half of that total, and the other 22 will make the remaining chunk of change.

To avoid this upcoming financial quandary, debate has raged lately about the possibility of trading one of the three marquee names on the Sox’ roster. While some say it would be sacrilege to even consider setting free one of these local icons, fiduciary responsibility may have to come first. Let’s examine the three players and their situations.

Nomar ($10.5 million in 2003, $11.5 million in 2004, then he’s a free agent). For most Red Sox fans, Nomar is the heart and soul of this team. He’s played his entire career here, has collected numerous accolades (including AL Rookie of the Year and two batting titles), has established a solid charitable endeavor in the Nomar 5 foundation, is one of the best defensive shortstops in the game, spoofed himself on Saturday Night Live, and shows more drive, desire, and grit than any Red Sox player in recent memory. It’s obvious he cares about this ball club, which is more than can be said for a lot of his teammates. When he says his stats don’t matter to him, you believe him.

Sure, his error count was up last season, but he was coming off a season lost to wrist surgery, and he still takes more chances defensively than most. He did not exhibit huge numbers offensively, but he is still one of the most feared hitters in the game, and another batting crown or two in future years is not out of the realm of possibility.

Should those years be here? When his contract is up after the 2004 season, he’s due for a big payday, and he will most likely be deserving of one. His closest contemporary, his buddy Derek Jeter, is playing for a 10-year, $189 million deal, and it’s unlikely the Sox would pay close to that. Nonetheless, it’s not about the money with Nomar, and he’d probably welcome a long-term deal that would allow him to finish his career here while making around $12 to $13 million per annum.

Trade him instead? It just doesn’t make sense to let a character guy like Nomar go somewhere else and play out his glory years in a different uniform. Like Ted Williams, Yaz, and Pudge Fisk, he is Red Sox incarnate, and he is beloved and appreciated here. He’s a special player, and the team should realize what a treasure they have and keep him at all costs. All costs.

Manny ($18 million in 2003, with contracts varying between $18 mil and $20.5 mil through 2008; club options for 2009 and 2010 for $20 mil each). If only it were so easy with Manny. Who in their right mind wants a contract like this on their books? Nobody, that’s who. But that’s the deal he got through his wranglings with previous GM Dan Duquette, so that’s the contract that the current owners are obligated to pay.

Manny’s contract is as close to untradeable as you can get, but at least he’s earning his keep. He’s always been an RBI machine, but this past season he added a batting title to his resume, and he’s proven to be an adequate left fielder as well. When he’s healthy, he’s among the most dangerous hitters in baseball, and he amassed 33 homers, 107 RBIs, and a .349 BA even as he missed a quarter of the season to a broken finger suffered in May — this on top of the 41-HR, 125-RBI year he gave Boston fans in his debut year.

Is he a little strange? No doubt. His penchant for not hustling at times has also not endeared him to the Fenway Faithful at times, but you just can’t argue with his numbers. If anybody’s worth $20 million, he (along with A-Rod) is, and there’s no point talking about trading him if there’s not a realistic chance of that.

So we’re stuck with him. But there are many worse players out there you could be stuck with.

Pedro ($15 million in 2003, $17.5 million club option for 2004). What galls a lot of people is that Pedro has made no secret of almost blackmailing Sox ownership into an early commitment to that club-option contract. Despite missing most of 2001 to arm woes, and missing numerous starts to injury during each of the past three seasons, Pedro has let the brass know that if the 2004 option is not picked prior to the 2003 spring training, he will definitely walk, upon the completion of his six-year, $75 million contract. The team does not have any obligation to agree to this option before next November, but Pedro’s no dummy: he knows that this is the last shot in hell he has of ever making this kind of money, and he wants it guaranteed now. No matter that he could blow his shoulder out in spring training and miss the 2003 and 2004 seasons entirely; at least this way he could collect the $32.5 million no matter what.

This is a shocking and abhorrent display of greed — along with being borderline extortion. There is no way that Sox ownership should agree to this extension prior to Pedro even throwing a pitch in Fort Myers in March. He is a fragile commodity health-wise, and committing this kind of money — a whole season early — to a guy who pitches once a week and always expects special treatment in the clubhouse is unfathomable.

Pedro is admired here, but he is not out in the community enough — giving back — to have made himself beloved, like Nomar or even Ray Bourque. In addition, his grandstanding ploy to claim the Cy Young award even as he missed his final start of this past season, plus his early departure to the Dominican Republic in 2001 lead one to question his character.

Unfortunately, this begs the question: can the Sox win it all without Pedro Martinez as their ace? I guess it depends on what the team could get in return for him in trade, but as a 10-5 guy (10 years in the majors, five with one team), he could veto any deal.

Like Manny’s and Nomar’s, Pedro’s numbers speak for themselves, but what they sometimes say is: "These numbers could be ending anytime soon."

Ideally, the Sox would retain all three players and find a way to put out a competitive bargain basement-priced lineup. But $32.5 million saved over two years could buy some solid younger players, especially for a team whose finances are so fragile.

So if someone has to go, your best value — and gamble — would be to send Petey somewhere else. By discarding the ace, you can hold on to the pair of kings and still maintain a strong enough hand to keep you in the game.

Sporting Eye runs Mondays and Fridays at BostonPhoenix.com, and Christopher Young can be reached at cyoung[a]phx.com