It's a lot more than most, if not everyone, expected, but I kind of like the deal. He's put up pretty good numbers in pitcher's parks and it's just a three year deal.
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In case you missed it Jeff Blair has some Jay rumors involving Bedard, Cain or Lincecum, and Jason Bay. The article was updated late last night with some more Giant info (the Jays reviewing Lincecum video) so something might be cooking there. Rios is the player the Giants would be most interested in (that HR Derby performance at the All Star Game in SF probably didn't hurt) and perhaps Glaus as well.
Bob Elliot writes that the Indians inquired about Rios, but nothing came of it. He also mentioned the Padres had interest in Josh Towers. I imagine Towers would be pretty excited about pitching in that park (not that any pitcher wouldn't be).
The Jays lost Ty Taubenheim to the Pirates as they cleared a spot on the 40 man roster. Ricciardi indicated that the Jays have a couple players they are interested in for Thursday's Rule 5 draft. I suspect any player the Jays selected would be for the utility bench role. It'd be a bonus if the player hit left handed.
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It looks like the Red Sox are the front runners for Johan Santana right now.