SAN DIEGO — Less than two months ago, so much still seemed possible.The San Diego Padres had just edged the Los Angeles Dodgers in the teams’ first meeting of the season. The star hitters had yet to start hitting, the rotation was missing Nick Pivetta and Joe Musgrove, and somehow, the Padres found themselves in first place in the National League West.There was little mystery to what ensued. The Padres lost 30 of their next 49 games to close the first half at 48-48. The star hitters largely continued to scuffle for a 30th-ranked offense. A makeshift rotation all but collapsed. All-Star closer Mason Miller, who was acquired at great cost, sometimes went several days without a ninth-inning lead to protect.For most teams, the wisest path ahead might be clear. But the Padres are not most teams. Here are a few of their biggest storylines as we return from the All-Star break.Will A.J. Preller buy, sell or try to thread the needle?Three years ago, the Padres arrived at the trade deadline with a 52-55 record and, according to FanGraphs, a roughly one-in-three chance of making the postseason. Some people inside the organization thought it would be prudent to sell.Still, given a club-record payroll, it was understandable when president of baseball operations A.J. Preller opted against moving free-agents-to-be Blake Snell and Josh Hader. He instead traded Ryan Weathers and five other young players for Scott Barlow, Garrett Cooper, Rich Hill, Ji Man Choi and Sean Reynolds.Those additions proved to be shoddy Band-Aids. The Padres were eliminated from playoff contention that September. In the offseason, they traded Juan Soto and Trent Grisham to the New York Yankees to address an obvious need for pitching.Now, FanGraphs puts San Diego’s postseason odds at roughly 12 percent. Buying around the edges, as Preller did in 2023, almost certainly wouldn’t be enough. To truly contend for a wild-card berth, the Padres need at least one starter, at least one bat and a bullpen reinforcement.That sounds like Preller’s kind of challenge, but the farm system appears thinner than ever. There might not be much financial flexibility, especially while the sale of the franchise remains pending. Would Preller sell at a deadline for the first time since 2019?It might be the right call, but aside from Miller, Adrian Morejon and Michael King, the Padres don’t have a lot to offer other teams. Getting fair value for Miller, in particular, would be difficult. And with next year’s payroll projected to be around $200 million before any additions, it could be even tougher to contend in 2027.