For the Padres, letting go of one franchise pitcher -- Jake Peavy -- apparently is more complicated than letting go of another.

While all-time saves king Trevor Hoffman, having seen his ties severed with the team he graced for 16 years, waits for free-agent offers, Peavy continues to wait on his fate.

One option for the next phase of Peavy's superlative career seemingly is gone, with the Braves announcing Friday that they are withdrawing from trade negotiations with the Padres.

It appeared that the two sides were close to making it happen a few days ago, but this isn't horse shoes. It's high-stakes poker, baseball style, and the cards simply didn't fall right for the Braves in their pursuit of the 2007 National League Cy Young Award winner from Mobile, Ala.

Braves general manager Frank Wren called Kevin Towers on Thursday to let the Padres' general manager know that Atlanta no longer would "actively pursue" Peavy if an agreement wasn't reached by the end of the day.

With free-agency bidding starting on Friday at 12:01 a.m. ET, the Braves turned their attention toward free-agent pitchers not named CC Sabathia, sensing he's in another financial realm. A.J. Burnett and Derek Lowe head the second tier of available starters.

"We notified the Padres that we're moving on to pursue other opportunities and players," Wren said. "We're no longer actively pursuing Jake Peavy. We have other options out there."

That came as no surprise to Padres GM Kevin Towers, who said Thursday that negotiations with Peavy's top two teams -- the Braves and Cubs -- were dead.

Atlanta's stance leaves the Padres' brain trust in the position of weighing offers from the Dodgers, Astros, Cardinals, Yankees and Angels. If nothing can be worked out with any of the clubs Peavy reportedly would waive his no-trade clause to join, San Diego will find itself left with one of the greatest pitchers on the planet.

So, it's not all bad for the Padres, who owe Peavy $63 million for the next four years. That makes him a terrific bargain on the open market if the numbers being tossed in front of Sabathia are accurate.

Peavy, at 27, is just entering his prime with 86 wins, two NL ERA titles and two strikeout crowns in the satchel. Just two years ago, he led his league in wins (19), ERA (2.54) and strikeouts (240) while working 223 2/3 innings.

The Yankees reportedly are offering Sabathia more than twice the sum due Peavy -- $140 million spread across six years.

Peavy's preference is believed to be the Cubs, who have two high-end pitchers on the market in Ryan Dempster and Kerry Wood and enough young athletes of quality to impress the Padres.

The Astros have the lure of Peavy's good buddy, Roy Oswalt, but they don't match up well with the Padres. The Cardinals are loaded with outfielders but aren't deep in the middle infield, where the Padres are seeking an upgrade, and in starting pitching -- a must in a Peavy deal. The Yankees have young pitching that would satisfy the Padres, but they appear focused on snapping up top-tier free agents to fill their rotation holes.

The Dodgers certainly have appeal for Peavy. They're close enough to his home in San Diego County that he wouldn't have to uproot his family. Peavy has enjoyed some of his best games on the Dodger Stadium mound, but that proximity to San Diego and its fans could work against a deal with an NL West rival.

The other geographically desirable Southern California outfit is loaded with young talent that would enrich the Padres while not straining their budget. Trouble is, the Angels play in the American League, and Peavy loves to hit. Still, being so close to his home might persuade him to change leagues and toss aside his bat except for the occasional Interleague games.

The Angels are deep in starting pitching. Their ace, John Lackey, will be eligible for free agency after the 2009 season if he's not extended. Peavy certainly would alleviate some concern there.

It's doubtful Ervin Santana or Joe Saunders, who emerged as All-Stars last season, would be part of a Peavy deal. But the Angels -- rich in middle infielders and athletes, both San Diego needs -- probably could satisfy the Padres with arms and position players if they decided to fortify their rotation with a dominant right-hander they'd control for four prime years.

The Angels have dismissed Peavy talk up to now, but they've been known to strike quickly when the mood hits. They weren't even on Torii Hunter's radar last November when they moved in and snatched the most desirable free agent in the market.

When asked if he could envision moving multiple players for one big-time performer, Angels general manager Tony Reagins said recently: "I don't think that's something we'd want to do." Reagins indicated that the club would explore free agency before turning to trade proposals.

But this is Jake Peavy, a man with few peers -- and the Angels do have an opening in their rotation with Jon Garland in free agency. This is an organization that puts starting pitching at the forefront in all of its designs.

"They have a lot of good players, obviously," Towers said recently when asked about a match with the Angels.

He added that he wasn't aware of any interest from their end in Peavy.