Angels do math on slugger

The Angels believe Manager Mike Scioscia can handle any superstar, no matter how gargantuan the ego or salary or how selfish that player can seem -- they will not shy away from Alex Rodriguez because the slugger ruffled feathers by opting out of his New York Yankees contract during Game 4 of the World Series.

So, the question of whether Rodriguez will play third base and bat cleanup in Anaheim next season, giving the Angels a lethal power hitter to pair with Vladimir Guerrero, essentially boils down to this: Is owner Arte Moreno willing to crank up his payroll to a point where he is losing money -- possibly a lot of it -- instead of making money?

Even with a payroll of $109 million, the fifth-highest in baseball, the Angels, because of their drawing power (3.4 million in 2007) and lucrative television package (10 years, $500 million from FSN), are expected to net $5 million to $10 million this season.

The loss of Bartolo Colon -- a free agent whom the Angels will not attempt to re-sign -- Shea Hillenbrand and Hector Carrasco will clear $25 million off the books, but it’s not as if the Angels can plug Rodriguez’s salary -- he’s expected to command $25 million to $30 million a year -- into that slot and call it even.

Raises to core players such as Guerrero, Gary Matthews Jr., Orlando Cabrera, John Lackey and Garret Anderson, and a significant jump in closer Francisco Rodriguez’s salary will add at least $16 million to the 2008 payroll.

That leaves the Angels at about $100 million. Add Rodriguez, and the payroll jumps to about $130 million, not including the millions it would cost to insure his contract. The Angels, in need of rotation depth, also would have little room to add a quality pitcher.

Unless the Angels, who could receive stiff competition in their pursuit of Rodriguez from the Dodgers, increase revenue significantly -- they’re close to maxed out now -- Moreno could go from netting $5 million to $10 million a year to losing $15 million to $20 million a year.

On the flip side, any annual losses are mitigated by the fact that the Angels, now worth $431 million according to the latest Forbes figures, have more than doubled in value since Moreno bought the franchise for $184 million in 2003.

“Finances are definitely going to be involved,” new General Manager Tony Reagins said. “You want to make the best decision for your club. I’m sure Alex wants to make the best decision, and if the two jell, something can get done.”

He has spoken to agent Scott Boras about Rodriguez, “and we’ll be speaking again,” Reagins said. Boras is also expected to meet soon with Moreno.

The Yankees have exclusive negotiating rights to Rodriguez -- who hit .314 with 54 home runs and 156 runs batted in and is favored to win his third American League most valuable player award -- for 15 days after the World Series. The Angels can’t discuss financial terms with Rodriguez until Nov. 13.

Moreno said he does not envision paying any player $20 million a year, but some in the industry believe that was a negotiating tactic designed to bring Boras closer to Moreno’s starting point in negotiations.

Boras said Rodriguez, 32, could command a 10-year deal, but the Angels, according to a source, prefer something closer to five years.

Another factor improving the Angels’ chances of signing Rodriguez: They could clear $18 million after 2008 by letting Anderson and Cabrera go and free up $4.75 million by trading Chone Figgins. An increase in ticket prices should also boost revenue.

“You have to look at the long-term picture,” Reagins said. “When you make that type of investment, you want to make sure you can absorb it. If it makes sense, you pursue it.”

Does signing Rodriguez make sense?

“I can’t say that because I don’t know what the numbers are going to be,” said Reagins, who is awaiting payroll parameters from Moreno. “Arte and I talk about a lot of things, and the most important is improving the club, bringing a quality product to the fans year after year. If something makes sense, we’ll take a strong look at it.”

Figgins, who missed two weeks in August and September because of a left wrist injury, recently had surgery to remove the hamate bone from the wrist. The recovery process is usually at least 10 weeks, Reagins said, and Figgins, the Angels’ leadoff batter and third baseman, is expected to be at full strength by Jan. 1.

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mike.digiovanna@latimes.com