Tony DeMarco

Here was the too-tall order Texas Rangers general manager Jon Daniels faced heading into this week’s winter meetings:

Add quality pitching — preferably in the bullpen — and a middle-of-the-order right-handed bat. And, do it with only about $5 million to spend, thanks to an uncertain financial situation pending an ownership change that could come as soon as next week.

So Daniels did the only thing — make that two things — he could: Dump a big salary (Kevin Millwood’s $12-million 2010 price tag) to free up some operating capital, and gamble. Big-time.

In fact, what Daniels has done makes that roll of the dice on Milton Bradley two winters ago look like child’s play:

Risk No. 1: Millwood, 34, said he hoped to finish his career as a Ranger, and actually put together one of his best seasons in 2009. He won 13 games, and his ERA (3.67) was below 4.00 for only the second time in seven years. Compare that to his 2006-08 numbers — 35-36-4.89.

And as usual, Millwood was durable, making 31 starts and logging 198.2 innings as the pseudo ace of an overachieving rotation that kept the Rangers in the AL West race longer than expected before the inevitable occurred, and the Angels pulled away.

Subtracting the $3 million the Rangers sent to the Orioles with Millwood leaves $9 million in savings. Here’s how it’s being spent:

Talented, injury risk free-agent Rich Harden has signed at $7.5 million guaranteed (Texas winning a bidding war with the Seattle Mariners, who didn’t want to offer that much guaranteed cash).

There’s no denying Harden’s ability. Among active pitchers with 100 or more starts, his .220 opponents’ batting average ranks third, his 9.35 strikeouts per nine innings ranks fourth, and his 3.39 ERA and .633 winning percentage both rank 10th.

But here’s perhaps the most-important stat: Millwood made 91 starts in the last three seasons, Harden 55. The Cubs were so leery of Harden breaking down again that they didn’t even offer him salary arbitration, so they will get nothing in return for the Rangers signing him.

Risk No. 2: Reliever Chris Ray comes from the Orioles off a bad 2009 season (0-4, 7.27 ERA, and control issues). At least he’s expected to be healthier another year removed from Tommy John surgery.

But there’s no guarantee Ray’s presence will allow Neftali Feliz — the Rangers’ hard-throwing top young arm — to move to the rotation after a half-season as a setup man.

At this point, in front of closer Frank Francisco, manager Ron Washington’s choices will include primary setup man C.J. Wilson, right-handers Ray, Doug Mathis, Darren O’Day, and another left-hander, possibly Ben Snyder, who the Orioles picked third overall in the Rule 5 draft and sent to Texas to complete the Millwood deal.

Risk No. 3: This one hasn’t been finalized, but Mike Lowell will make it a hat trick of injury concerns if a deal for catcher Max Ramirez gets done as expected.

The Red Sox reportedly will pay all but $3 million or so of Lowell’s 2010 salary, but that doesn’t alleviate any of the risk of relying on a soon-to-be 36-year-old with a chronic hip condition.

On top of that, the Rangers are asking him at times to play a position — first base — that he never has played before in the big leagues. When Red Sox manager Terry Francona was asked about the idea of Lowell playing some first base in Boston, he vetoed it.

Lowell still was productive — .290-17-75 — in 2009, but was limited to 119 games coming off surgery, and has missed 92 games over the past two seasons. So nobody is going to be accusing the Red Sox of getting rid of him one year too soon, that’s for sure.

If everything works out just right, the Rangers will have themselves a potentially dominating No. 1 starter, a key late-inning piece in their bullpen, and a run producer behind Josh Hamilton (not to mention one of the game’s respected clubhouse leaders).

And if it doesn’t, Daniels will have to answer to his new bosses — either the group headed by longtime former agent Dennis Gilbert, or the Chuck Greenberg/Nolan Ryan alliance.

But a GM has to try to do the best with what he has to work with, and at least there are no long-term financial obligations involved.