Rockies declined RHP LaTroy Hawkins' $3.75 million mutual option for 2008.
The Rockies are being cheap already. Hawkins posted an 8.59 ERA for the Rockies in April before going on the DL with an elbow injury, but after returning in late May, he had a 2.63 ERA in 48 innings. Also, he allowed only one run and two hits in five innings during the postseason. That kind of performance -- especially in Coors Field -- is worth quite a bit more than the additional $3.5 million the Rockies would have had to pay to keep him another year (they're giving him a $250,000 buyout). Of course, there's a good chance he would have declined his half of the option anyway.
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I like this thinking they are saving every dime they can to give Holliday a multi year deal. If they don't, then it is just being cheap. Hawkins did a good job for them and isn't that expensive.