Costco has Merino baselayer pants ($20-ish) and tops ($30-ish) that I'm trying out now. I can't find the men's version online but they do have them in-store; I got mine at the Pentagon location. Costco has the women's version online so you can at least see the specs. They are 11% merino, 84% polyester and 5% spandex, and are a bit looser fit than cycling jerseys. But once underneath another layer it doesn't seem to matter.
I bought them for non-cycling use but I'm going to try them riding anyway. I'm really only interested in evaluating the tops, as I'm not going to wear the pants under shorts. I have as benchmarks a Craft baselayer which is a standard, and the Bontrager Hoodie Baselayer (which I think I may have mentioned here). So far I haven't had the chance to try them on any really cold rides, but so far they seem to be high-quality. They seem to be doing the job about as well as those two (more expensive) options but I would say the Costco baselayers are a bit thinner with less insulation. As the temps drop I'll have to see how they compare.
By the way let me take this opportunity now to (once again) shill for the Bontrager Race Hooded Long Sleeve Jersey. This is the niftiest, toastiest and warmiest baselayer I've used. The hoodie is perfect under-helmet for complete protection without being overly thick and sweat-trapping. They have them at Spokes Etc. and I may have to buy another as backup.



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