As the reported impasse between the Blue Jays and Phillies continues, Ruben Amaro Jr. and his braintrust are either engaged in a high stakes bluff with J.P. Ricciardi or they are moving in on a deal for last year’s AL CY Young winner in Cliff Lee.

While there is no disputing that Roy Halladay would be the bigger catch at the deadline, Beerleaguer reminds us that trading away blue chip prospects from a franchise that is already at the top of its game may not be very wise.

A trade for Cliff Lee instead of Halladay will be seen by some as typical Phillies-as-usual frugality, but there are a few things to keep in mind should this go down:

1. The ability to land a marquee pitcher at the deadline who would remain under the Phillies control until the end of next season without giving up your top pitching or position prospect would be a nice coup for the Phillies, even if it does mean letting go of 4 of your top 10 prospects.

2. Last year, the Phillies made a much smaller splash at the trade deadline by acquiring Joe Blanton instead of giving up the farm to rent C.C. Sabathia for a couple of months. Needless to say it turned out much better for the Phillies than it did the Brewers.

3. As Phillies fans, we should really be pinching ourselves right now. Regardless of how this week plays out, we now root for a team that is front in center of landing the biggest names at the deadline in order to try and go back to back as World Series champs, and we could do it without dismantling our farm system. The Phils are 18 games over .500 before August and our front office isn’t satisfied. These are not our fathers’ Phillies.

4. Don’t believe the crap that the national media is peddling that the Phillies just have to do this Halladay deal or it is the end of the world. It’s completely laughable. Halladay would be a great addition, and naturally the Phillies current roster wants him cause they care about right now more than they do 5 years from now. But Halladay’s next postseason start will also be his first. Getting him guarantees nothing, and Ruben Amoro Jr. will be wise to block out the endless chatter about how this is a must do for the Phillies.

Regardless of how this week shakes out, it is an amazing time to be a Phillies fan.