Red Sox acquire Jake Peavy for Jose Iglesias, low-level prospects

The Red Sox have officially announced a three-team deal that nets them Jake Peavy and sends Jose Iglesias to the Tigers. The Red Sox will also receive reliever Brayan Villarreal in the trade, and will send three low-level minor-league players to the White Sox.

While Peavy isn't necessarily the ace he used to be, he's overqualified for the role the Red Sox have him in, which is essentially to fill in for Clay Buchholz for the next month and then settle in as the club's third or fourth-best pitcher, depending on which versions of Jon Lester and Felix Doubront show up. He's under contract through 2014 as well, so, if he's healthy at the end of the deal, the Red Sox will, in theory, be able to submit him a qualifying offer and earn a compensatory first-round pick if he signs elsewhere. Even if he's only a little above-average, if he can stay on the mound, he'll earn his check.

Villarreal is something of a live-arm wild card, but the Sox can place him in Triple-A Pawtucket to see whether he's worth keeping on the 40-man roster, or if they are better off trying to sneak him through waivers.

As for what Boston gave up, Jose Iglesias has been valuable, but has also struggled of late, and did so in an organization with plenty of depth at both shortstop and third base. Moving Iglesias rather than any of the upper-level, high-quality prospects is something of a coup for general manager Ben Cherington, especially considering that, just on Monday, the White Sox were looking for a top-50 prospect and 2-3 more quality prospects in addition to his new team absorbing every penny remaining on his contract.

With Jose Iglesias gone, will the Red Sox look to re-sign Stephen Drew?

With few answers for the left side of the infield available in free agency, might the Sox look to hold onto Stephen Drew?

Or, to put it another way: the Phillies wanted Xander Bogaerts and another 2-3 significant prospects for Cliff Lee, and the Red Sox got a lesser -- but still valuable -- pitcher who is not a rental in a deal where Iglesias was the center piece.

Boston also sent minor-league relievers Jeffrey Wendelken and Francellis Montas to the White Sox, as well as shortstop/second baseman Cleulius Rondon. Wendelken is a fly ball pitcher who isn't missing a ton of bats, and while he's interesting, he's not a significant prospect. Rondon is blocked a bit in short-season Lowell thanks to Tzu-Wei Lin, and doesn't project to offer much at the plate -- however, he's a fine defensive infielder who can move back to shortstop. Montas is the jewel of the trio, but he also ranks just #36 at Sox Prospects. He can hit triple-digits, but it moves a little straight, and he remains a very raw work-in-progress. He might turn into something, but when you can get a Jake Peavy in a deal where Montas is the second-best commodity, you do it every time.

Read more Red Sox:

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• The complicated left side of the Red Sox infield
• Why do we obsess over the trade deadline?
• Jacoby Ellsbury, the Red Sox, and an ever changing future
• Despite drop in velocity, Felix Doubront turning into top arm for Red Sox