Offer him arb. If he accepts, see what happens if you try to offer him a longer term deal. If he refuses, take the picks and move on because he doesn't want to be here.
We don't seem to have that many problems with shoulders in the rotation, we might be able to salvage him, and if we could, what a rotation we could have! If he thinks we'd be a good place to be for the sake of his own health, it'll happen. OF course that means we have a doctor to fire, but I don't love that doctor anyway.
If Bedard is hurt, there's Wakefield, and if Wakefield is hurt too, there's the minors (Doubront/Weiland). We're well situated to cover for injured starters as long as we don't lose too many at once (and even then we remained in first place throughout a period of time when Lester and Buchholz were both out -- that's not too shabby)