Scenario A: Paps prices himself out of the Red Sox, the Sox don't need Papelbon with Bard and Jenks. The only way this happens is if Bard gets hurt and Jenks implodes. Also - The Sox would be more likely to spend bigger on a DH with versatility than Papelbon, as well as a 5th man in the rotation to take over for DiceK, depending on Doubront, Britton, and Ranaudo's 2011 success.
Scenario B: This would be the 3rd consecutive mediocre year for Papelbon, and the Sox, after just the 2nd mediocre year, showed their willingness to depart from him when they gave Jenks a deal that outlasts Papelbon's contract and includes closer incentives, plus offering Mo a 3 year deal. A 3rd consecutive mediocre year would mean Bard, Jenks, or FA market for the 2012 closer.
Scenario C: Probably the most viable option. Beltre's knees, however, have been downgraded to a Weapon of Mass Destruction, as stated by President Obama on 11.7.10.