Orioles, Gregg Still Negotiating

Two weeks ago, ESPN Boston's Joe McDonald reported they were close to finalizing a 2 year $12M deal.   Today, a deal isn't signed, but discussions are still ongoing.

the #orioles, who quietly had a decent winter despite all the rejections by free agents, are in talks with rhp kevin gregg

First of all, I'm not sure why the Orioles want Gregg when they already have Koji Uehara.  I guess a 2.41 FIP and a 55/5 K/BB ratio in 44 innings isn't good enough for the closer role.

Secondly, closers are a luxury.  They're the last piece of a contending team's puzzle.  Last I checked, the Orioles weren't that close to contending.  Instead of wasting $12M on a closer they don't need, why not use the money to sign one of their newly acquired infielders to an extension?  Or what about an extension for Adam Jones?  Just an idea.

Gregg is coming off a season where he saved 37 games in 43 chances while putting up a 3.51 ERA, a 58/30 K/BB ratio, and provided 0.8 wins above the replacement level.  Considering his age (33 years old) and the his three year value baseline (1.4 WAR), he seems like a poor bet to provide enough value to justify his contract.