As to how the Mets will replace him, it appears that Manager Jerry Manuel will go with some combination of Fernando Tatis, Daniel Murphy, and Jeremy Reed at first base. While it's somewhat comical that Jeremy Reed could be playing first base in a major league game--just ask the Dodgers about that--Tatis just saw his NL-only league value solidified for the next 10 weeks. Tatis should start against all lefties for the next 10 weeks and should get some starts against righties, too. Against lefties, it's likely that Tatis and Gary Sheffield will start, leaving one spot in the outfield for Daniel Murphy and Ryan Church to fight over. Against righties, Murphy will likely start at first base more often than not, and Church should be the right fielder, leaving left field to Sheffield, Tatis, and Reed.
Just because Manuel is overrating Sheffield doesn't mean that you should, as a fantasy owner. Leave Sheffield for deep NL-only leagues. Tatis is worth a look in deep NL-only leagues, and the value of Murphy and Church really doesn't change much (they are both NL-only starters). Reed does not have any fantasy value.
As to how Delgado owners should proceed (apart from placing Delgado on your team's DL), the player you should try to pick up on waivers depends on the construction of your team. If you have first base covered, you should try to simply pick up the best available hitter (or, even, the best available pitcher, if you have enough hitting). If you are a little thin at first base with the loss of Delgado for 10 weeks, there are a lot of first basemen that are likely available on your league's waiver wire that are viable options. Those could include...
- Nick Johnson (23% owned in Yahoo leagues): The 70th-ranked player in Yahoo leagues, Johnson is hitting .336, and is on pace for 100 runs and 100 RBI. He should be starting in mixed leagues for as long as he's healthy, which he is at the moment. His value increases in leagues that count OBP/OPS, too (22 walks and a .433 OBP).
- Kendry Morales (32% owned): The switch-hitter is up to 8 HR and 26 RBI for the season, including a 2-HR game last night. Angel fans, this is why the team could afford to trade Casey Kotchman last year.
- Todd Helton (54% owned): If you need an infusion of batting average, Helton's .336 mark could do the trick. And his .894 OPS is nothing to sneeze at, either.
- Mike Jacobs (19% owned): A poor-man's Delgado, Jacobs provides raw power numbers at the expense of a solid average (.262 with 8 HR and 22 RBI).
- Mark Teahen (36% owned): The versatile player also qualifies at 3B and OF.
- Billy Butler (25% owned): Yet another Royal, Butler offers upside, and his 16 walks and .359 OBP mean he has increased value in leagues that count OBP/OPS.
- Russell Branyan (54% owned): I still expect him to slump, but I couldn't blame you if you wanted to ride the hot hand until it cools.

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