To me the 40-man roster spot is more valuable than a million or three dollars, plus or minus. If the price starts to be the deciding factor, at the level being discussed here, I have to ask myself again if I really want him.
Does Rocco trust him? That's the key question for roster construction. A guy you're paying veteran money to, should not be a guy you have to carefully pick the moments for, so as to hide him. In 2023, first half, Rocco didn't use Pagan much in high leverage situations. In the second half, he did - not like Duran of course, but in close games and not simply mopup. If that's the usage in 2024, he's worth it. If not, then not.
A guy you have to hide, might as well be a rookie making rookie money.
Of course, I want better than that for my roster, period. A bullpen full of guys you have to hide isn't a useful bullpen.