Lessons of Carl Pavano, Scott Kazmir

Scott Kazmir has struggled mightily with the Angels. Getty Images

The July 31 trade deadline creates a good deal of buzz and excitement -- and grades -- but it's a bit of a false premise.

Although trades become harder to make after July 31 passes, deals do get made in August; teams find trading partners after putting their players on waivers. Given the reluctance of many teams to take on additional payroll, we likely will see even more trades this month than usual -- any player with a decent-sized paycheck likely will clear waivers and be eligible for a postdeadline trade.

Some of the big names floating out there right now have included Manny Ramirez and Adam Dunn.

Throughout the years, some interesting deals have been made after July 31. Although some clubs have found bargains with late acquisitions, others have been stuck with ridiculous contracts they never should have taken in the first place.

Here are the best -- and worst -- August deals of recent vintage.