We just worked a perfect sign-and-trade in the Number One world. I had a guy going to arbitration asking for $6.1M in Arb, 5 yrs/$27 for long-term. I traded him for two pitching prospects with the "gentlemen's agreement" that I would go to arbitration with an offer of $5.1M, and the other owner would either get the player for $5.1M or $6.1M [no interest in a long-term deal].
I won the arbitration case for $5.1M and subsequently dealt the player for two prospects. Deal closed today.
If you are playing with reasonably honest, honorable owners, you can pull deals like this.