NEW YORK -- The bear market isn't just on Wall Street anymore. Just ask baseball's free agents.

In a sport where prices have skyrocketed since 1976 -- except for the collusion years and the fallout of the 1994-95 strike -- players have seen prices stagnate, then drop since Alex Rodriguez signed his record $252 million, 10-year contract with the Texas Rangers in December 2000.

"It comes as no surprise, and for a variety of reasons, that it is some kind of a buyer's market,'' agent Tom Reich said Wednesday, 50 days before the start of spring training.

Among the 157 players who filed for free agency following the World Series, 61 have agreed to new contracts, ahead of last year's pace on Christmas Day (50 of 154) but behind two years ago (75 of 136).

Here's the telling sign: Just 18 players have gotten deals for $5 million or more total, down from 25 last year and 35 two years ago. Only six players have gotten $20 million and higher, down from nine last year and way below the 15 at this point following the 2000 season.

And among the superstars?

Jim Thome is the only player to top $40 million, agreeing to an $85 million, six-year contract with Philadelphia. Last year, New York Yankees first baseman Jason Giambi ($120 million for seven years) and Texas pitcher Chan Ho Park ($65 million for five years) topped that level.

And in 2000, one of the most talented free-agent classes ever, seven players were over $40 million, a group that included Rodriguez, Manny Ramirez ($160 million for eight years), Mike Hampton ($121 million for eight years), Mike Mussina ($88.5 million for six years), Darren Dreifort ($55 million for five years), Denny Neagle ($51 million for five years) and Kevin Appier ($42 million for four years).

"There's a heightened awareness on the part of teams about player compensation issues,'' agent Jeff Moorad said. "Some of that awareness comes from the new labor agreement, some of it comes from I believe, better coaching and guidance from central baseball. For the first time in years, it seems teams have learned restraint, and some of which is positive for the industry as a whole.''

Tom Glavine, a two-time Cy Young Award winner, wanted a guaranteed four-year deal but settled for $35 million over three years from the Mets. Jeff Kent, the 2000 NL MVP, got $18.2 million over two years with Houston.

No teams publicly pursued Greg Maddux, a four-time Cy Young winner, and he accepted Atlanta's offer of salary arbitration. Roger Clemens is willing to take a cut from the $15.45 million average under his last contract to the $8 million-to-$10 million range in order to stay with the Yankees.

Ivan Rodriguez, a 10-time All-Star catcher, drew interest only from the Chicago Cubs and Baltimore, and when he didn't like their offers, he started to consider signing with a Japanese team.

The Yankees, looking ahead to increased revenue sharing and the luxury tax, spurned high-priced free agents -- except when two foreign stars came on the market, giving Cuban pitcher Jose Contreras $32 million over four years and Japanese outfielder Hideki Matsui $21 million over three years.

Atlanta, Texas, Boston and Los Angeles, all not wanting to spend big, didn't go after premier free agents. The Braves even dealt pitcher Kevin Millwood to Philadelphia for minor league catcher Johnny Estrada to save money.

"We had no choice but to move payroll,'' Braves general manager John Schuerholz said. "We had to trade Kevin Millwood. It wasn't a pleasant thing to do.''

Mid-level veterans have been hurt most. A year after the Yankees gave reliever Steve Karsay a $22.45 million, four-year contract, they let Stanton go, and the left-hander's agents pushed hard until they got a $9 million, three-year deal from the Mets. Frank Castillo, coming off a $4.5 million, two-year contract with Boston, re-signed for $800,000 for one year.

Twelve of the players who filed for free agency have agreed to minor league contracts, with no guarantee of major league termination pay, up from six at this time last year.

Why the drop-off?

Except for the 32-year-old Thome, all the big-name free agents were either over 35 or coming off injuries. Teams are putting more players on the market, refusing to give contracts to 46 players by the Dec. 20 tender deadline, up from 34 last year and 27 two years ago.

"There are still a huge, huge number of players out there unsigned,'' Texas Rangers GM John Hart said earlier this month. "Maybe there is a buy out there, a bargain for a guy on a short term that can come in.''

Ticket prices, which had increased 12 percent annually in 2000 and 2001, were essentially flat last year, with a major league average of $18.31. The soft economy is hurting advertising sales for teams, creating more pressure to cut costs.

Since the end of the season, Colorado has traded Hampton, Florida unloaded Preston Wilson and Charles Johnson, and Oakland dealt Cory Lidle. The Yankees have been trying to trade Raul Mondesi, Rondell White and Sterling Hitchcock, and Montreal has been seeking to get rid of Bartolo Colon or Javier Vazquez.

"I learned in the GM meetings that any payroll flexibility a club has is going to be very powerful in the next few months,'' Oakland general manager Billy Beane said.