Marcel, which uses FIP as a foundation, projected a 4.22 ERA. CHONE said 4.26. ZiPS isn't a big fan (4.83). Marcel and CHONE expected a slightly improved walk rate from 2008 but also assumed his strikeout rate would slightly decrease. Perez certainly has a unique history with the walks but having a reasonable (although not good) walk rate for 2 years suggests his days of walk rate over 5 are behind him. 4 starts really doesn't change much, IMO. What is a 4.5 ERA from a starter worth on the open market? I guess that's open for a significant amount of debate. I think we can all agree that it's not worth $12 mil/year. I'm suprised fangraphs has his 2008 season as worth only 1.3 wins and $5.8 mil. I guess it depends heavily on what you think a replacement starting pitcher is. I think I would have been happy to get him for 3/24. As for his salary, I shouldn't have said "no idea" but I don't think we should assume that any time a team is interested in a player, it becomes public knowledge. I think there's a lot of negotiating that goes on behind close doors. that the public never finds out about As a result, I 'm not sure how acurate we can get when we try to speculate on what it would have taken to get a specific player. Just my opinion.