Note: I wrote this column Monday night before Schilling agreed to a new 1 yr/8 mil deal. What are the odds?

The big hoopla around this year’s Hot Stove involving the Boston Red Sox centers on the speculation about re-signing our third baseman, Mike Lowell. Rightfully so, Lowell has garnered the early attention coming off a career season where he played the glue of the World Series winning team on and off the diamond. Jason Varitek wasn’t holding up aǃ˘Re-Sign Lowellǃ˘ poster at the parade down Boylston for nothing. The front office, the clubhouse, the fan base and Lowell all want to return to Boston for multiple approaching seasons. The debate is surely one-sided

The debate that is far from one-sided is regarding another key element to our championship run of 2007 and way back in 2004- Curt Schilling.

When the poll on your right first came out, I voted that Theo and his cohorts should let Curt Schilling take a walk with his 13 million to the National League. I saw a pitcher this October on his last hinges, relying on pure guile, determination and preparation to outplay the Indians and Rockies in huge games and come away with two victories and two tips of the cap. I saw a pitcher in the middle of June last year with a fatigued arm and a fatigued body, one that needed almost two months to rest up. Can we really afford to sign a pitcher for 12-13 million when he might need a two month hiatus in the middle of the season, especially with the amount of young and explosive arms this staff contains?

Then I reconsidered the notion of letting him walk and moving on. The easy way out would be to plug in Beckett-Matsuzaka-Buchholz-Lester-Wakefield into the rotation with Tavarez backing up and take your chances with no firm backup plan. Save the money from Schilling and use it towards the Lowell contract or free up more cash for an A-Rod push. Those are the only two real needs at this point where the money saved can be forwarded to.

Would it be intelligent for this organization to plug Lester and Buchholz, two pitchers under 25 who have not handled a full season workload in their careers, into the responsibility of being #3 and #4 in an American League rotation? With the way Theo handled Buchholz’s arm down the stretch, opting to rest it with any sign of fatigue rather than utilize the weapon out of the bullpen in the postseason, is he really going to be able to jack up Buchholz’s inning workload with a snap of the fingers? Jon Lester applies, as well.

Curt Schilling is an option the front office should consider and ultimately approach with the goal of reaching a contract. They can go straight up to Curt’s face rather than dealing with agents and work out a one year contract in the neighborhood of 11 million. That amount is neither a substantial downgrade nor a slap in the face, but rather a reasonable deal for a pitcher his age. Greg Maddux just received 10 million from the Padres if they need a comparison.

His work ethic, preparedness and total efforts for every pitch of every start, even the dilapidating physical aspect of his game is often times canceled out by the mental aspect. Nobody studies hitters’ tendencies or film of opposing lineups more than Schilling and those approaches have equaled success here in the last stages of Curt’s storied career.

Re-signing Curt won’t put a damper on the flexibility of the payroll in any way. The team still has money off the books in Clement and Hinske along with the ability to increase payroll to meet Mike Lowell’s needs. A one year, 11 million dollar contract does not put a hurt on the franchise.

By making this move, Boston now faces a dream of rotation depth. And we know from the Bronson Arroyo situation of 2006 that you can never have enough starting pitching. Beckett and Matsuzaka can deal from the top all season long. By plugging Schilling into the three spot on Opening Day and Wakefield in the five spot, you can either go into a six man rotation in April/May to save arms or put Buchholz or Lester in Pawtucket for a month to prepare. Tavarez can also be plugged in. The options are limitless.

If Schilling needs to take an arm rest for a month or so in the middle of the season, the situation calls for a much more prepared approach. With seven available starters, we won’t be digging through the Jason Johnson’s of the world just to fill a spot while Schilling gets ready for the stretch run. For Schilling, one last hurrah with the Red Sox and some postseason heroics would ensure a plague in Cooperstown and the debate over which hat he would crown would ensue.

Re-upping Schilling for 2008 is a smart move for the front office, for the good of the team and for Schilling’s family. He wants to play one more year in Boston and there is no reason for a contract to not be reached in the next month. If Curt takes slightly more cash in a city like Philadelphia or Cleveland, that’s totally his prerogative.

It would be a shame for Theo to ignore the efforts of Curt (3.87 ERA, 122 ERA+) in the American League last season and give up on the man who helped bring two World Series crowns to Boston.