We spent a good chunk of yesterday looking at the impact the acquisition of Jake Peavy would have on the Chicago White Sox, if it had come to pass.

Now for a look at the other side of the coin – what is up with the San Diego Padres?

Well, for one thing, owner John Moores and his wife have been embroiled in a bitter divorce that has created a great deal of uncertainty surrounding the club’s finances. That’s largely why the 27-year-old Cy Young winner Peavy was – and likely still is – available in the first place.

At least one radio show indicated this afternoon that Peavy wouldn’t be the last Padre to hit the road this season – stud first baseman Adrian Gonzalez will likely follow him out the door, the host (likely more than) guessed (though he is signed cheaply through 2011).

The Padres entered Thursday 18-22, probably overachieving for a team starting Luis Rodriguez at shortstop most of the first quarter of the season. And with a couple studs likely heading out the team was giving fans plenty of reasons to stay home the rest of the season. So what did they do?

The Padres pulled off a deal to acquire Tony Gwynn Jr., a minor league outfielder from Milwaukee, for Jody Gerut. Gwynn Jr., the son of the team’s most beloved link to the glory days of the past, Tony Gwynn Sr., is considered by many a fringe major league player at best, possibly a fifth outfielder, according to one assessment (search the bottom of the link).

He’s a decent hitter with little to no power. But one can’t help thinking that it’s kind of sad that the Padres seem hard up enough for good news or positive ratings points to trade for the mediocre son of a former team hero. I’m sure Gwynn is a decent guy – his father certainly was.

But it seems to me that the team would be better during its owner’s time of financial uncertainty focusing on making deals like the one it tried to make with Chicago for Peavy. Four-for-one deals that bring back top-notch young, inexpensive talent are the way to go right now. Such moves will give fans hope that when Moores either finishes dealing with the divorce courts or sells the team to a new owner that a playoff-caliber team might eventually emerge.

Maybe I’m just cynical. But in my opinion, washing over the present by acquiring a link to past glories, on the other hand, only further illustrates the degree to which this franchise has fallen.