This is a good, brief analysis: http://www.mlbtraderumors.com/2013/12/breaking-down-the-twins-ricky-nolasco-signing.html "The important questions for the Twins are why Nolasco's ERA has been consistently higher than his strikeout, walk, and home run rates suggest, and if that will remain the case over most of the next four years. From 2009-13, the typical NL starter has stranded around 72% of his baserunners. Nolasco's strand rate in that time is a bit shy of 68%, worst in MLB among those with at least 700 innings. Perhaps that's unfair, as it's roping in some really low strand rates from 2009 and '11. If we look at just 2012-13, Nolasco is at 70.1%, 16th worst in MLB among those with 300 innings. Nolasco has a 4.08 ERA in that time, versus a 3.60 FIP. A metric that treats Nolasco as a 3.60 ERA pitcher is overstating his value. Nolasco's strand rate problems stem from his performance with men on base. His strikeout rate falls below six per nine innings and his walks jump up to around three, even in his successful 2013 campaign. If the Twins don't find a way to address this, they might have a 4.50 ERA pitcher on their hands from the start. FanGraphs has another version of WAR called RA9-WAR, which essentially uses a pitcher's actual runs allowed instead of his FIP. That metric suggests Nolasco was a two-win pitcher in 2013, his best season in years. If Nolasco begins at two wins, this contract is not good value even if a win on the 2013-14 free agent market costs $6.2MM. I'm not comfortable valuing a pitcher based on ERA or FIP, however. The valuation changes drastically if we split the difference and project Nolasco as a 2.5 win pitcher in 2014. In that case, I think this can be an even money deal, though I don't have a lot of confidence in predicting the annual inflation of the free agent market."