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Giving him 3.5 WAR in '10, the deal pays him about $4.5 WAR for the first year or two and then drastically overpays him in his decline years.
Basically they are overpaying slightly by current market standards in the short term and setting themselves up for an albatross in the long-term. Theres just very little upside in a deal like that and a TON of downside.