So a team approaches the Yankees and tells them Phil Hughes' value is lower because he's a MR, that's a valid approach? He doesn't have a defined role on THE RED SOX because the 5 rotation spots are filled by 2 aces, a blue chip prospect, and two veterans who aren't going to be sent to the pen for a second year player. And he doesn't have a set-up role because he's in a stacked bullpen.
On other teams he's easily in the rotation or even a set-up guy. Masterson has in fact been pretty solid in the pen. He blew up twice which makes his numbers look kind of mediocre but has a 2.23 ERA otherwise.
And yes I see him as a starter. Maybe not for us, but that's what makes him a good trading chip, because he's valued by other teams and isn't cemented into a role here (but not for a lack of talent).