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Phillies finally get it together, but is it too late?

It took almost four months, but the Phillies have finally began to build positive momentum in the 2012 season and are looking more and more like the World Series-or-bust roster assembled over the winter.

But with the trade deadline looming and the ink still fresh on Cole Hamels' massive $144 million contract extension, is it too late to make a run? Are the Phillies, who remain in last place in the NL East and 9 1/2 games back in the race for the NL's second Wild Card, buyers or sellers?

"We're trying to be improvers," team president David Montgomery said following the press conference announcing Hamels' new contract on Wednesday.

General manager Ruben Amaro Jr. echoed Montgomery's words.

"We're just going to try to improve the club as much as we can, whether it's improving for 2012 and beyond or for 2013 and beyond," Amaro said. "A lot will be dictated by the way we play."

Fresh off four straight victories, including three straight late, come-from-behind wins in a sweep of the Milwaukee Brewers, the team's first three-game sweep of the season, the Phillies are 8-4 since the All-Star break.

But their aforementioned place in the division standings and the Wild Card race, the Phillies have a lot of ground to make up with little time left to do so.

Following Thursday's day off, they will play their 100th game of the season on Friday night in Atlanta.

"We have some ground to cover over the next few months, but we have the type of guys in this clubhouse that are determined and want to win," second baseman Chase Utley said. "I think that's important, coming back late in games, it's a good quality."

The Phillies have also been buoyed by the returns of Utley, Ryan Howard and Roy Halladay. Utley and Howard didn't play a game until July while recovering from injuries; Halladay was out for seven weeks before returning to the rotation after the All-Star break.

But the recent All-Star additions to the 25-man roster could be followed with a few All-Star subtractions in the next week. The July 31 trade deadline is the official crossroads point for the 2012 Phillies' season.

Despite the promise of a healthy roster and a newfound winning mojo, their place in the standings could lead management to trade away soon-to-be free agents, such as All-Star center fielder Shane Victorino.

Additionally, Hamels' contract puts the club in a precarious position financially. With Hamels in line to make $19.5 million in 2013, the Phillies could have more than $150 million tied up in 11 players if they bring back arbitration eligible outfielder Hunter Pence and pick up All-Star catcher Carlos Ruiz's $5 million club option.

In order to avoid paying an exorbitant fee by exceeding the luxury tax threshold in consecutive seasons, the Phillies might have to consider unloading players regardless of their place in the standings.

Pence, Victorino, Joe Blanton and even Cliff Lee could all be targets for a trade out of Philadelphia.

"Ruben has his work cut out for him," Montgomery said, acknowledging the payroll puzzle.

But Amaro also said he spoke with Hamels about that very issue and assured the three-time All-Star left-hander that his new contract would not hamstring the team's ability to field a winning team.

"We did discuss the fact, the magnitude of the contract, would it hinder us from doing some other things?" Amaro said. "In some cases it might, but again as I've told him, our goal remains the same, to try to put pieces of the puzzle around these core players to make sure we're a championship caliber club."

After building some winning momentum on their recently-completed homestand, the Phillies hope the roster will remain intact in an effort to make a late-season run at the playoffs.

"I think we have a pretty good squad right now," Utley said. "We'll have to see, but I like our chances going forward."