With their 2009 salary commitments currently pegged at around $110 million, the Red Sox are in position to spend the kind of dollars that could land a high-priced free agent like Mark Teixeira or CC Sabathia, while still locking up some of their younger players to big-money deals.

That $110-million figure includes $85 million owed to players under long-term contract and estimates approximately $25 million to players not yet eligible for free agency. Even if the team signs some of its young stars to long-term deals, the Red Sox should still be able to afford at least one high-priced free agent while keeping payroll consistent with the levels of the last five years.

The Red Sox’ average payroll since Opening Day 2004 has been $129 million, with a high of $143 million in 2007 and a low of $120 million in 2006, so it stands to reason they would want to keep the payroll in the $130-million to $135-million range — though they certainly have the resources to go beyond that if they choose.

With budget-busters like Manny Ramirez ($20 million), Jason Varitek ($10 million) and Curt Schilling ($8 million) coming off the payroll, the team has some spending flexibility. General Manager Theo Epstein has said the Red Sox will look at all their options, but are not necessarily going to bid on top players like Sabathia, Teixeira, or Toronto hurler A.J. Burnett.

The bulk of the 2009 payroll is committed to the 10 players with multiyear contracts, with the top figure J.D. Drew’s $14-million salary. The Sox owe these players $85 million next year.

Four players — Kevin Youkilis, Jonathan Papelbon, Javier Lopez and Kevin Cash — are eligible for salary arbitration. They earned a combined total of $5,015,000 last season, but all will get raises in 2009. Youkilis (who earned $3 million in 2008) and Papelbon ($775,000) in particular are in line for large increases. Papelbon has talked about using Phillies first baseman Ryan Howard as his arbitration benchmark. In his first shot at arbitration last spring, Howard was awarded a landmark $10-million contract.

But even if Youkilis and Papelbon are awarded contracts that pay them a combined total of, say, somewhere between $15 million and $20 million next year, that would raise the commitment for those 14 players — the ones under contract, plus the ones eligible for arbitration — to approximately $105 million.

All other players who figure to be, or might be, on the 25-man roster — Dustin Pedroia, Jon Lester, Manny Delcarmen, Jacoby Ellsbury, David Aardsma, Clay Buchholz, Jed Lowrie, Jeff Bailey and Justin Masterson — are not eligible for arbitration. They earned a total of around $3 million last year. If they don’t sign long-term contracts, the raises they earn will bring the 2009 payroll to about $110 million.

In that case, the team could still throw $20 million a year at Teixeira or CC Sabathia while staying within past spending levels — and still have some cash left over to fill out the bench and the bullpen.

They also may look to sign some of their younger core talent — Pedroia, Papelbon and Lester in particular, and perhaps even Youkilis (who is closer to free agency than the others) — to long-term deals that would pay them smaller salaries at the start of the contract and larger amounts at the end. In doing so, the Sox could fix some of their costs for the next several seasons by buying out all the players’ arbitration years and, ideally, a year or two of free-agent eligibility.

With Youkilis and Pedroia, the team may want to get deep into talks before Nov. 18, when the American League MVP award is announced. If either player wins, their price would undoubtedly go up.

As of Tuesday night, the players have an incentive to sign long-term deals quickly as well. President-elect Barack Obama campaigned vowing to raise the top federal income tax rate from 35 percent to 39.1 percent, applying to those earning more than $250,000.

Considering that the minimum major-league salary is $400,000, several player agents acknowledged at the general manager’s meetings this week that they have an impetus to get their players signed before Jan. 1, so that their signing bonuses would be taxed under the current, lower rate.

The Red Sox are looking to fill holes at catcher, in middle relief, and at several backup positions. It is possible the Red Sox could bring back 36-year-old free-agent catcher Jason Varitek, but his agent, Scott Boras, is reportedly looking for a deal similar to Jorge Posada’s $52.4-million Yankee contract signed last year. That may be more money — and more years — than the Red Sox are looking to pay.

If Varitek does not re-sign with the team, possible trade targets Gerald Laird and Jarrod Saltalamacchia of Texas are both signed to one-year deals, while Rangers prospect Taylor Teagarden is signed to a minor-league contract. Laird made $1.3 million in 2008, and Saltalamacchia $396,000.

The team could also trade Lugo and his $9 million 2009 salary for a similarly priced player. If they land Teixeira, they could try to move third baseman Mike Lowell and the $24 million he is owed over the next two years.

The Red Sox began 2008 with baseball’s fourth-highest payroll, behind the Yankees, Tigers, and Mets. It was the first time in years that the team was not second to the Yankees.

Despite shedding upward of $75 million in payroll with the expiration of contracts for players like Bobby Abreu and Jason Giambi, the Yankees should still lead the league in payroll come Opening Day 2009.

The Yankees have $114 million committed to roughly eight players going into 2009. If they returned all their non-contract players on identical to 2008 one-year deals, the team would still have a starting payroll of roughly $125 million.

If the Yankees brought back Andy Pettitte and Mike Mussina at 2008 salaries, that number would rise to $150 million. The Yankees are also paying minor-leaguer Kei Igawa $4 million, and this week spent $6.95 million to buy out the 2009 options for Carl Pavano and Giambi, who they might bring back at much lower salaries.

dbarbari@projo.com