The Sox really did not have the chance to have Price for $16mill per year. Keeping him meant he was on the books for $31mill/year.
In his last 2 seasons, Price threw 283 IP and was worth 4.7 fWAR. In 2019 alone, Morton was worth 6.1 fWAR in 194 IP. Now Morton is 2 years older, but if he is only worth $15mill/yr, Price is not worth anywhere near $31mill year anymore.
and if Price continues his trend of being a 2.3-2.5 fWAR pitcher, it was time to unload what the Sox could get. In that time frame, he has been worth fewer fWAR than several current free agents, including not only Bauer, but also Jake Oridizzi, Mike Minor (who just signed with KC for 2 years at an undisclosed amount), Jose Quintana, James Paxton, Corey Kluber, and Masahiro Tanaka along with Morton, and just 0.1 fWAR more than Jon Lester. He's also posted fewer fWAR than several reportedly available pitchers including Joe Musgrove, Jon Gray and Matthew Boyd and barely ahead of Jameson Taillon and non-tender candidate Reynaldo Lopez.
Price's deal is replaceable at this stage of his career...