Dunn is a LF that has absolutely no business playing LF so I'm treating him as a 1B/DH.
To me, it's insulting because there's no way Bay will get less than four years unless, again, he wants to become a free agent again in better economic times. I also think there's no way Jason Bay will make it to February '10 without having a deal the way Dunn did and thus, won't have to settle for a lesser deal.
Dunn's market didn't include baseball's big spenders. They were both covered at DH and 1B. Both Boston and New York will have a need for the guy who will be the best corner OFer on the free agent market.