I guess they didn't resign him because they already had options/strategy to fill that hole, sure plus saving that money; but it doesn't mean that he doesn't deserve that contract. Hell, he's asking -17% per year less than Mo after all, regardless he is 10 years younger or something, proved in this market, mature, with great career numbers, etc. The arguments that I've read on this regard is that this contract has a lot of risks based on other relievers records which btw are not comparable (quality, division, age, position, numbers, injury prone, years of service, etc.), and not based on his own track record and parameters (qualitative and quantitative). He is a 2.3 ERA career closer after all.
A solid organization like the Philadelphia Phillies thinks that he worths that kind of contract, making some of us be a little bit more confident in our arguments and maybe, and just maybe make us reconsider that we are not that crazy after all.