Alex Rios is owed $58.7 million US over the next five seasons. (Nathan Denette/Canadian Press)

The Toronto Blue Jays have allowed the Chicago White Sox to claim pricey outfielder Alex Rios off waivers, receiving nothing but salary relief in return.

The contending White Sox are responsible for the rest of the seven-year contract Rios signed with the Blue Jays in April 2008. The deal guarantees the two-time American League all-star $58.7 million US over the next five seasons.

Blue Jays general manager J.P. Ricciardi, whose team is all but out of the post-season chase, denied that Monday's decision amounted to a "financial dump."

"I think what's happened since we did the contract is the game has changed in so many ways economically," Ricciardi said minutes before the Jays opened a series at Yankee Stadium. "This allows us to get out from under a contract that enables us to hopefully do more to address our club going forward."

The Blue Jays placed Rios, 28, on recallable waivers on Friday and he was subsequently claimed by the White Sox. Toronto faced a Tuesday deadline to trade Rios to Chicago, pull him off waivers and keep him, or allow the White Sox to take him at no cost.

Ricciardi chose the option that offered the most financial flexibility. The Jays had a payroll of about $81 million this year and were committed to slightly more than that for next season for just eight players, including Rios.

"I'd heard the rumors, but yeah, I thought I was going to stay here," said Rios, who had spent his entire big-league career in Toronto after the Jays made him a first-round draft pick in 1999. "Stuff happens, and I just have to move on.

"It was a little emotional to say bye to your friends, to the people you came up with."

The Jays saved $5 million in the recent trade of Scott Rolen to Cincinnati. Ricciardi said Rolen asked to be moved closer to his native Indiana for family reasons.

Toronto has maintained it is not under pressure by ownership to trim payroll and Ricciardi's refusal to accept an insufficient offer for ace pitcher Roy Halladay prior to the July 31 non-waiver trade deadline would seem to support that claim.

Halladay is owed $15.75 million next season.

The Blue Jays have used the waiver process to shed salary in the past. In 1998, the San Diego Padres claimed reliever Randy Myers, who was owed $14 million. Three years later, Baltimore picked up infielder Tony Batista and his $12-million contract.

Rios moving to centre?

In Rios, the White Sox receive a talented player whose performance at the plate has slipped of late.

The six-foot-five, 215-pound right-fielder posted a .297 batting average in 2007 with career highs in home runs (24), runs batted in (85), runs (114) and walks (55) before dropping to .291 with 15 homers in 2008, though he did swipe 32 bases compared to 17 the previous season.

In 108 games this year, Rios is hitting .264 with 14 homers, 62 RBIs and 19 stolen bases. He ranks 24th among AL outfielders and 64th overall with an on-base plus slugging percentage (OPS) of .744.

"I think he's a good player who's not having a good year," Ricciardi said. "I think he's going to be a very good player as he continues to go forward.

"He's still in the prime of his career, and I'd be surprised if he wasn't playing on an all-star team again."

Ricciardi indicated he expects Rios will play centre field for the White Sox, who trailed AL Central-leading Detroit by three games heading into Monday's action.

Light-hitting Scott Podsednik currently mans that position for Chicago, but Rios offers more offensive production and has 93 career starts under his belt in centre, including six this season.

The acquisition of Rios was the second big move made in as many weeks by White Sox GM Kenny Williams, who made a splash at the non-waiver deadline by acquiring former Cy Young Award winner Jake Peavy from San Diego.

Peavy is trying to return from an ankle injury that has kept him out since early June.