One opinion on the Phillies-Papelbon marriage... for what it's worth
http://insider.espn.go.com/mlb/hotstove11/story/_/id/7220970/2011-mlb-free-agency-pitcher-jonathan-papelbon-signs-phillies
ESPN's Keith Law -- I thought signing Ryan Madson for four years and $44 million was a bad idea, even though he is the best free-agent reliever on the market, both short- and long-term. The history of signing relievers to deals of that length is simply too awful to ignore.
That contract would have been a bargain relative to the four-year deal the Phillies are about to give Jonathan Papelbon -- more money, plus a lost draft pick, for an inferior reliever who gives up more fly balls.
Papelbon was the second-best relief option on the market, but even in one of his best seasons in 2011, he was worth only two or three wins above replacement, and I'd put the over/under on his WAR for this deal at around eight, which would still make it a pretty bad contract. But the real issue with any reliever and with Papelbon specifically is high attrition rates -- relievers don't last, and their peaks tend to be short.
Papelbon has remade himself once after bottoming out with a fastball-only approach a few years ago, but even now he relies heavily on the hard but very flat four-seamer, which likely won't translate well to a good home run park in Philadelphia. (His career-low home run rate in 2011 wasn't going to last, anyway.) And Papelbon has worked limited innings, never reaching 70 in a season, probably the Red Sox's response to his 2006 shoulder injury.
The Phillies, as a team, threw 1,477 innings in 2011 and are now going to pay, on average, $12.5 million per year to Papelbon to throw maybe 4.5 percent of those. If they maintained that per-inning rate across their entire staff, they'd spend about $277 million on pitching alone. And since the ninth inning isn't always, or even often, the most leveraged inning in a game, this is a criminal misapplication of funds, not to mention the discarding of yet another first-round draft pick for the Phillies, whose farm system is depleted after a number of trades and other first-round picks lost for free-agent signings.
Madson remains the best reliever on the market, but the gap between him and the second-best option is much larger, and that should help him max out his value, although the Phillies might just be completely out of touch with the market for relievers and how a sane executive would rationally value the innings they provide.
As for the Red Sox, they pick up the Phillies' first-round pick, which would make it easier for them to use their own in signing a Type A free agent. They can slide Daniel Bard into the ninth inning -- I don't see his stuff or arm slot translating to the rotation -- and invest the money not spent there on shoring up their rotation.