LOS ANGELES -- They keep telling us the game of baseball is in financial trouble, and after the labor talks collapsed Wednesday, we're supposed to be convinced.


Yet on the day the players and owners finally came to an agreement -- that a resolution is hopeless -- the game of baseball fired a fastball that landed between the eyes.


The Philadelphia Phillies, after crying about having to slash their payroll, signed free agent Gregg Jefferies of the St. Louis Cardinals to a four-year, $20 million contract. They even gave him a comprehensive no-trade clause, meaning he will remain with the team until the fall of 1998.


The Phillies also signed pitcher Tommy Greene for $2 million and Curt Schilling for $2.3 million. The two pitchers combined for four victories last season.


New York Yankee principal owner George Steinbrenner, who has been strangely silent throughout the strike, once again showed little concern for any budget constraints by trading for Jack McDowell of the Chicago White Sox. The Yankees must tender McDowell a contract of at least $5.83 million, while sending minor league pitcher Keith Heberling and a player to be named.


In the last few days, the Cardinals signed free agent pitcher Danny Jackson to a three-year, $10.8 million contract; the Texas Rangers paid $6 million over two seasons to free agent pitcher Kevin Gross, and the California Angels gave free agent closer Lee Smith a two-year, $4 million contract when everyone else refused.


"The owners are absolutely insulting the fans' intelligence," players' agent Tony Attanasio said. "How any fan in the world can stand behind these people and believe these people is beyond comprehension."


"I mean, how more hypocritical can they get? It's a joke. It's a farce."


"Do the owners really think they can say they're losing money and continue to sign players like they have been?"


"I'd like to think these owners aren't dumb, but I really think they are."


The flurry of signings the last few days, agents say, is prompted by the fear that owners will implement a salary cap Thursday and a new set of rules.


The free agent market will not only become flooded, driving down prices, but the owners could also eliminate guaranteed contracts.


But while that might explain the agents' inducement to sign contracts, it hardly is justifiable for a group of owners who cancelled the World Series in the name of cost containment.


"It sure doesn't look like there's much of a change, does there?" said Fred Claire, Los Angeles Dodgers executive vice president. "I'm not sure our words match our actions."


"We're having to make extremely tough decisions because of our tremendous loss of revenue. Regardless of the system, the fact is there's a certain budget I have to operate under.


"But you look around, and fundamentally I don't think there has been a change."


Said Angels General Manager Bill Bavasi, "I'm not saying teams are wrong for what they're doing; it just has people confused. I know I can't figure it out."