With the Delmon Young signing, the Phillies appear to have completed their work on what is likely to be their Opening Day roster. Barring a late trade or free agent signing, both of which appear to be highly unlikely, the club should open the season with a payroll under $160 million for the first time since 2010, when their total salary expenditures was around $140 million.

A quick breakdown of the projected 25-man squad:

Lineup

  1. Jimmy Rollins SS - $11 million ($9.5 AAV)
  2. Ben Revere CF - $0.515 million
  3. Chase Utley 2B - $15.0 million ($12.143 AAV)
  4. Ryan Howard 1B - $20.0 million ($25 million AAV)
  5. Michael Young 3B - $6.0 million
  6. Domonic Brown LF - $0.500 million
  7. Delmon Young RF - $0.750 million
  8. Erik Kratz C - $0.500 million
Rotation
  1. Cole Hamels - $19.5 million ($24.0 AAV)
  2. Cliff Lee - $25.0 million ($24.0 AAV)
  3. Roy Halladay - $20.0 million
  4. Kyle Kendrick - $4.5 million ($3.75 AAV)
  5. John Lannan - $2.5 million
Bullpen
  1. Jonathan Papelbon - $13.0 million ($12.5 AAV)
  2. Mike Adams - $6.0 million
  3. Antonio Bastardo - $1.4 million
  4. Jeremy Horst - $0.500 million
  5. Mike Stutes - $0.500 million
  6. Jake Diekman - $0.500 million
  7. Justin De Fratus - $0.500 million
Bench
  1. Laynce Nix - $1.35 million ($1.25 AAV)
  2. Darin Ruf - $0.414 million
  3. John Mayberry Jr. - $0.515 million
  4. Kevin Fransen - $0.850 million
  5. Humberto Quintero - $0.850 million
  6. Carlos Ruiz - $4.60 million (SUSPENDED FOR FIRST 25 GAMES)
According to my figures -- everybody who has a salary under $800,000 is projected, although all of those salaries will end up being around $500,000 -- the Phillies should open the season with a payroll right around $157 million ($158 million in AAV, which is the number used for luxury tax purposes). Factor in the $10 million that gets added to the total for player benefits when calculating the luxury tax, and the Phillies will be about $11 million under the threshold. 
Last year, the Phillies opened with a payroll around $172 million. In 2011, it was around $165 million.