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[UPDATE 10:06PM] We touched on this quite a bit in the Live Blog-A-Baloo. Marc Topkin is reporting that the Rays and Scott Kazmir have agreed to a 3-year, $28.5MM deal with a 4th year team option for $11MM. In essence, the Rays have bought out two of Kid K's free agency years.

Stuart Sternberg just appeared as a guest on WFAN's "Mike & The Mad Dog" show. Among the several topics covered was the Tampa Bay Rays' recent willingness to give long-term deals to their young stars. After reminding the hosts that the team had also secured James Shields, Sternberg dropped this minor Cherry Bomb...

"We are exploring something with our other star pitcher as we speak right now"

The show's hosts did not push Sternberg further on the topic, but it can be assumed that he was referring to Scott Kazmir, and the quote suggests that the team is in active negotiations with the young Ace.

Other topics covered...

• Sternberg referred to the attendance for the Orlando series as "dissapointing" and his tone suggested that the team will not schedule any future series at the Disney complex.
• On the proposed waterfront stadium, Sternberg made it clear that the stadium would either be open by 2012 or it will not happen. If the referendum does not pass this fall, there will not be another attempt to get it passed.