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I'd still sign Bedard to an incentive laden deal as well...but the rotation would look something like:
King Felix (12 mil)
Bedard (3 mil base) / RR-S (0.8 mil)
Washburn (6 mil base with incentives)
Snell (3 mil)
Morrow (min) / Fister (min)
So...would you rather spend 5-6 mil on the 10% chance that Ben Sheets comes back to being an ace after a year out of the game (or on 12-15 starts of Rich Harden before his next arm problem), or would you rather get 25 defense assisted starts from Jarrod Washburn that have a very high stoploss and a moderate probability of at least a 100 ERA+?