The Mets and Yankees have spent a combined $346,874,953 on ballplayers for the 2008 season. So far, this is what it has gotten them: going into Monday night, 11 wins, 13 losses, third place in the National League East and the basement in the American League East.

So far, the money has bought them nothing but disappointment, disillusionment and disgust.

After all, these were the teams many were picking, with a straight face, to meet in the 2008 World Series.

The Mets, with a slight attitude adjustment and the addition of Johan Santana, were expected to wipe out the Collapse of 2007 and rebound to roll over the National League.

The Yankees, riding the expected emergence of Phil Hughes, Ian Kennedy and Joba Chamberlain, were supposed to reclaim the position atop the American League that they believe to be a birthright.

Then the great superpowers were scheduled to hold a summit meeting at their venerable but slated-for-demolition ballparks beginning on or about Oct. 15.

But now I wouldn’t bet 346 cents on a single baseball game being played in this town this October. Right now, neither team seems capable of getting there.

Around here, an October without baseball is like a day without traffic. It just doesn’t happen. The last full season without postseason baseball in New York was 1993. It’s only April, but it’s already starting to feel like 1993 all over again.

Obviously, there is too much talent on both rosters, too much money in both organizations and too much ego in both front offices for either the Mets or Yankees to be “bad” teams.

Mediocrity, however, certainly is not out of the question. In fact, it might be the most likely outcome. And in this town, with these expectations and at these prices, mediocrity isn’t just bad. It’s disastrous.

But then, what exactly did any of us see at the end of 2007 to convince us that 2008 would be any better?

Last year, the Mets executed the worst swan dive since Greg Louganis cracked his head on a springboard 20 years ago. And the Yankees weren’t just beaten in the ALDS by the upstart Indians, but run out of Yankee Stadium like a hardhat who buried a Red Sox jersey under the foundation.

But somehow, with minimal changes to both rosters, many expected both teams not only to rebound this year but to triumph. After all, the Yankees still had Jeter and Posada and Mariano, and the Mets had added Santana.

Problem was, Yankees fans believed in their history. Mets fans believed the hype. Right now, both are shaking their heads in disbelief. But really, what is there to be shocked about?

For the $209,081,577 Yankees, the big offseason addition was LaTroy Hawkins, the big subtraction. And the same aging, overpaid roster is leaning heavily on a trio of kid pitchers.

As for the $137,793,376 Mets, Santana was the perfect subject-changer for offseason conversation, but so far, not much of a difference- maker. Then again, which starting pitcher really can be, working once every five days? All he can do is stop losing streaks, and from the looks of it, he will be asked to do plenty of that.