Could this be the end of the Clippard era in D.C.?

SAN DIEGO - We've arrived at San Diego International Airport and are headed to the Manchester Grand Hyatt, headquarters for baseball's Winter Meetings. Get ready for four days of rumors and trade talk, free agent posturing and signings, and more diamond banter than you can shake a Louisville Slugger at.

Since this winter has already seen its share of trades, and since the Winter Meetings are a wheeler dealer's paradise, it's probably a good time to recount one of the best swaps in Nationals history: the Dec. 4, 2007 exchange that netted the Nats right-hander Tyler Clippard.

That deal ranks as one of the shrewest of former Nats general manager Jim Bowden's tenure, though it was easily lost in the shuffle among the 10 trades and 30 players who changed uniforms at the Gaylord Opryland Hotel and Resort that winter. To get Clippard, then a middling starter with a career 3-1 record and 6.33 ERA in six outings for the Yankees, Bowden surrendered right-handed reliever Jonathan Albaladejo, 25, who had reached the majors for the first time in 2007 after being cut by the Giants and Pirates organizations, and posted a 1.88 ERA and 0.628 WHIP in 14 relief appearances for the Nats.

You know the rest of the story.

Albaladejo kicked around for parts of three seasons in the Bronx, answering 49 calls to the bullpen with largely unspectacular results: a 5-2 record, 1.601 WHIP and 4.70 ERA in 59 1/3 innings. The Yankees released him in November 2010, he signed with the Diamondbacks and worked three innings in three games in 2012 before being cut again. Albaladejo signed as a free agent with the Marlins in December 2012, spent the 2013 campaign and Triple-A New Orleans, the last stop in a 12-year pro career.

Clippard made 27 starts at Triple-A Columbus and two starts for the Nationals in 2008, was converted to a full-time reliever the following season at Triple-A Syracuse and flourished, going 4-1 with a 0.92 ERA and 0.897 WHIP with the Chiefs. He was recalled by the Nationals on June 25 and quickly carved out a niche as a dependable and durable option from the right side, equally adept at retiring right- and left-handed hitters.

He has appeared in 72 or more games for each season since 2010, going 34-24 with a 2.68 ERA and 1.047 whip over seven seasons with a curly W on his cap. Twice named an All-Star as a setup man, he even spent part of the 2012 season as a closer, recording 32 saves in 37 chances while Drew Storen was recovering from surgery to remove bone chips from his right elbow. Clippard, who turns 30 on next Valentine's Day, is beloved in NatsTown, having earned two fan-inspired monikers: "Clipp and Save," for his role in setting up whoever is closing out games, and "Fear the Goggles" for the wraparound plastic spectacles he wears on the mound.

So why this history lesson? Why is such a valued commodity even being whispered about as the Nats contingent converges on San Diego?

There's no doubt that Clippard has established his importance to the Nationals, who have come to rely on his rubber right arm in runs to National League East titles two out of the last three seasons. But in his final season before free agency following the 2015 campaign, Clippard is projected to earn between $8 million and $9 million through arbitration, and that's a hefty chunk of payroll to spend on a one-inning reliever, no matter how important - especially on a team thrilled to have former closer Rafael Soriano's two-year, $28 million contract off the books. Ken Rosenthal of FOXSports.com reported yesterday that the Nationals are listening to offers on Clippard and "likely" to move him this week.

Clippard was worth every penny of the $5.875 million he earned in 2014, and the Nationals have tendered him a contract for next season. In most cases, that means the sides will exchange arbitration figures and then avoid a contentious hearing by settling somewhere around the midpoint between the two proposed salaries. But a team simutaneously beefing up for another run at the NL East, and one forced to confront baseball's harsh economic realities with key free agents (shortstop Ian Desmond, pitchers Doug Fister and Jordan Zimmermann) looming for next offseason, might be forced to make some difficult choices.

Unfortunately, Clippard could be among them. Can they afford upwards of $9 million on a reliever, no matter how often he answers the call? Sure, Clippard and Storen would be a potentially shutdown duo in the eighth and ninth innings, and Rizzo has shown he values a bullpen strong enough to shorten games to six or seven innings. But when the Nats need to create some payroll flexibility for potential contract extensions for Desmond, Zimmermann and/or Fister, that money has to come from somewhere.

At least the Nats would be dealing from strength and dangling an attractive piece to interested GMs. The 70 1/3 innings Clippard tossed in 2014 were his fewest in five seasons, his 2.18 ERA was the second-lowest of his career and his 0.995 WHIP was his third time under 1.000 in five seasons. The five homers he surrendered marked his lowest total in five years and he walked only 2.9 batters per nine innings, the second-best total in his six seasons as a reliever.

What could Clippard bring in return? He could be a desirable part of a package should Rizzo be able to work out a deal for a full-time second baseman or third baseman. Even straight up, he'd land value in return. And a large-market team retooling its relief corps might think his salary through arbitration (or what he'd get by settling to avoid arbitration) was a drop in the bucket - especially if he were viewed as a difference-maker. With free agent left-hander Andrew Miller off the board to the Yankees for four years and $36 million, a $9 million bullpen arm doesn't seem so far-fetched (especially given that Clippard has successfully closed, even if it was just for a portion of a season).

Replacing Clippard seems like a fool's errand. But the Nats have to make room somewhere for righties Blake Treinen and Aaron Barrett. And top pitching prospects are waiting in the wings - there's no reason one of them couldn't get a taste of the majors from the 'pen, on-the-job training that was routine a generation or two ago. Maybe Rizzo even gets a young power arm in a swap, another guy the Nats see something in, just as Bowden spied the potential in Clippard in 2007.

That's not to say that Rizzo and company will fly east after Thursday's Rule 5 draft without Clippard on the 40-man roster. Clippard is popular among his teammates for his work ethic and has emerged as a respected voice in the clubhouse. Maybe they bite the bullet, pay the man and focus on getting past the National League Division Series for the first time in team history. But Clippard's sustained success may have painted the veteran reliever into a corner: Despite the stellar numbers he's put up, there might be reason to move a projected hefty salary off the books and redistribute the savings from his departure to other more pressing needs.

Note: MASNsports.com's Dan Kolko and I will be bringing you all the Nationals news from the Winter Meetings this week, including daily interviews with Rizzo each evening (keep in mind, there's a three-hour time difference) and other interesting videos. You can follow Dan on Twitter @masnKolko, while my handle is @masnPete. And be sure to check out @masnNationals, too. We'll have you covered from this afternoon through Thursday's Rule 5 draft.