It appears likely that Terrmel Sledge's name was not on the Fighters' final list of protected players. That means Sledge will be free to start talking to other ball clubs beginning on December 1st. And according to Sports Hochi, it appears the Bay Stars will be submitting an offer to Sledge shortly after that.
The Fighters have been negotiating with Sledge but it appears the two sides are still far apart from an agreement -- the latest offer was apparently a 1-year deal worth 150M yen (up 15M yen).
To that end, the Bay Stars will likely have to offer something a little more substantive than that and Sports Hochi believes they could offer Sledge a 2-year deal worth 400M yen.