Closer Braden Looper’s $5.5 million option was declined yesterday by the Mets, who will pay the reliever a $250,000 buyout. New York also exercised righthander Steve Trachsel’s $2.5 million option and declined a $4 million option on first baseman Doug Mientkiewicz, who gets a $450,000 buyout.

“Even though we declined Braden’s option, we still plan on having conversations with his agent,” Mets general manager Omar Minaya said.

Looper went 4-7 with a 3.94 ERA and 28 saves in 36 chances and had arthroscopic surgery on his right shoulder the day after the season ended. The Mets might decide not to re-sign Looper and land another closer.

Trachsel missed most of the season following back surgery in March and went 1-4 with a 4.14 ERA. Mientkiewicz, acquired from Boston last winter, hit .240 with 11 homers and 29 RBI.

New York also activated outfielder Mike Cameron, right-handers Bartolome Fortunato and Tyler Yates, left-hander Felix Heredia, and infielder Jeff Keppinger from the 60-day disabled list.

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GARNER GETS EXTENSION The Houston Astros rewarded manager Phil Garner yesterday for leading the club to its first World Series by extending his contract by one season to 2007.

Garner has guided the Astros to a 137-99 record over 1 1/2 seasons. Houston won its first playoff series last year and made the World Series this season before losing to the Chicago White Sox.

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D-RAYS PICK UP OPTIONS The Tampa Bay Devil Rays picked up one-year options yesterday on closer Danys Baez and shortstop Julio Lugo.

Coming off a career-high 41 saves last season, Baez will make $4 million next year. Lugo’s deal called for a $4.95 million salary or a $100,000 buyout. Baez, 31, was the team’s lone All-Star last year, finishing 4-5 with a 2.86 ERA and 51 strikeouts in 72 1/3 innings.

Lugo batted a career-high .295 while also establishing career bests in games played (158), hits (182), walks (61), and stolen bases (39)..