From Ken Rosenthal:

Sources: #Phillies close to acquiring #Astros' Pence. Deal expected to be completed tonight.

And Jon Morosi:

Singleton and Cosart are in the Pence deal, source says.

This is an insane price; the Phillies just gave up their top hitting and pitching prospect (both ranked in the Top 50) to acquire an above average outfielder, but by no means a great one. If this ends up being the final deal, I think most people are going to believe they overpaid.

I would think this deal would only help the Rays, as it raises the price for outfielders, but there are certainly less teams still searching. Atlanta is out there and motivated to make a deal, though, and now there aren't many other options out there for them to pursue. At this point, they're probably the Rays' best shot for an Upton trade.

I hope the Rays haven't waited too late and missed their chance, but Friedman knows the markets better than any of us. C'mon Frieds., get 'er done.