With the new collective bargaining agreement now in place in Major League Baseball, some teams are smiling, including the Boston Red Sox.

The new five-year CBA calls for a shift in compensation for Type A free agents, so while Jonathan Papelbon will cost the Philadelphia Phillies two first round draft picks, the Red Sox won’t lose anything by going after Ryan Madson, Heath Bell or Francisco Rodriguez.

What this now means for Red Sox GM Ben Cherington is that he won’t face the prospect of losing draft picks if he chooses to sign one of those free agent closers to replace Papelbon, and it also means he could potentially have more prospects at his disposal as trade chips because he won’t be losing additional draft picks.

So, just how will Cherington proceed now? There has been no word about whether or not he will proceed with internal candidates Daniel Bard or Bobby Jenks as closer, or whether he’ll go after the likes of Madson or Bell.

One thing is for sure; Cherington will be looking for an elite pitcher. With John Lackey out for the 2012 season, and Daisuke Matsuzaka shelved at least until the All-Star break, Cherington will be after someone to join Josh Beckett, Jon Lester and Clay Buchholz.

Here are eight possible targets that Cherington and the Red Sox will be looking at.

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