Nationals Arm Race

Lester joins the Cubs revolution. Photo via weei.com

(Editor’s Note: sorry for the tardiness on this post: I had it completely written and a WordPress or browser glitch lost 1,000 words of analysis.  So it took a bit of time to cobble back together what I had originally written.  Then the Souza trade hit, then the Cuban thing … and this got pushed).

What a GM Meeting week!  As one of the Fangraphs guys noted, there were so many transactions, so fast, that he literally gave up trying to write individual analysis pieces and went to a running diary of sorts.  I was amazed at the number of significant deals and trades made, especially when it came to starters.  So lets take a look at who shook things up.

Many teams are making big moves (almost the entirety of the the AL it seems) to try to win in 2015.  And many teams have revamped their rotations.  First, here’s a quick run through teams that have made significant acquisitions to their starting rotations (using BP’s Depth Charts page, Fangraphs stats pages and BaseballProspectus‘ page for injury history, Cots at BP for salaries, and of course baseball-reference.com).

Teams who have Improved

• Chicago White Sox: acquired Jeff Samardzija in Oakland’s fire sale to go with established ace Chris Sale, the highly underrated Jose Quintana.  From there the White Sox have question marks: John Danks is just an innings eater at this point and Hector Noesi was not effective in 2014.  But the White Sox have one of the brightest SP prospects in the game at AAA in Carlos Rodon (their fast-rising 2014 1st round pick) and their former #1 prospect Erik Johnson (who struggled in his debut in 2014 but has a good minor league track record).  So by the latter part of 2015 the White Sox could be a scary team for opposing offenses to face.
• Minnesota: just signed Ervin Santana to join a rotation containing the rejuvinated Phil Hughes, the decent  Ricky Nolasco and first rounder Kyle Gibson.  If they (finally) call up former Nats 1st rounder Alex Meyer to fill out the rotation and replace the dregs that gave them #4 and #5 rotation spot starts last year, they could be significantly improved.  Of course, the problem they face is the fact that they’re already playing catchup in the AL Central and still look like a 5th place team in this division.
• Los Angeles Angels: adroitly turned one year of Howie Kendrick into six years of Andrew Heaney, who should thrive in the big AL West parks.  If the Angels get a healthy Garrett Richards back to go along with the surprising Matt Shoemaker, they may have a surplus of decent arms being stalwards Jered Weaver and C.J. Wilson.
• Miami has spent some cash this off-season, but they’ve also gone shopping and upgraded their rotation significantly.   After acquiring the decent Jarred Cosart at the trade deadline, they’ve flipped bit-players to acquire Mat Latos, added Dan Haren and a $10M check  while parting ways with the unproven youngster Andrew Heaney, and should get ace Jose Fernandez back by June 1st if all goes well with his TJ rehab.  Add to that Henderson Alvarez and the Marlins look frisky (their new-found depth enabled them to move Nathan Eovaldi to the Yankees).  Rumors are that Haren won’t pitch unless he’s in SoCal, but $10M is an awful lot of money to turn up your nose at.  This is an improved rotation no doubt, and the rest of the Marlins lineup looks good too.
• New York Mets get Matt Harvey back.  Enough said.  Harvey-Jacob deGrom is one heck of a 1-2 punch.
• Chicago Cubs: added an ace in Jon Lester, re-signed their own effective starter in Jason Hammel, and will add these two guys to the resurgent Jake Arrieta.  Past that you have question marks: Kyle Hendricks looked great in 2014.  And the Cubs gave nearly 60 starts last year to Travis Wood (5+ ERA) and former Nat Edwin Jackson (6+ ERA).  I could envision another SP acquisition here and the relegation of Wood & Jackson to the bullpen/AAA/scrap heap.
• Pittsburgh was able to resign Francisco Liriano and get A.J. Burnett for an under-market deal.  This should keep them afloat if they end up losing Edinson Volquez in free agency.   Otherwise they have decent back of the rotation guys and will get back Jamison Taillon perhaps in the early part of the year.  This could help them get back to the playoffs with the anticipated step-back of NL Central rivals Cincinnati.
• Los Angeles Dodgers said good bye to a stable of starters (Josh Beckett, Chad Billingsly, Kevin Correia, Dan Haren, Roberto Hernandez and Paul Maholm are all either FAs or have been traded away) and signed a couple of guys to go behind their big three of Kershaw, Greinke and Ryu who could quietly make a difference (Brandon McCarthy and Brett Anderson) if they remain healthy.  That’s a bigger “if” on Anderson than McCarthy, who excelled once leaving the circus that Arizona was last year before the management house cleaning and should continue to excel in the huge park in LA.  Were I Andrew Friedman, I’d re-sign at least a couple of these FA guys for 5th starter insurance … but then again, the Dodgers also have a whole slew of arms in AAA that could be their 5th starter.  Or they could just open up their wallets again; there’s still arms to be had.  Nonetheless, replacing 32 Haren starts with McCarthy will bring immediate benefits, and whoever they end up with as a 5th starter has to be better than the production they got last year out of that spot.

Team most improved: likely the Cubs.

What teams’ rotations have taken step backs or are question marks heading into 2015?

• Boston: after trading away most of their veteran rotation last season, the Red Sox seem set to go into 2015 with this rotation: Clay Buchholz, Rick Porcello, Justin Masterson, Joe Kelly and Wade Miley.  This rotation doesn’t look as good as it could be; Buchholz was awful in 2014, Porcello is good but not great, Masterson the same, Kelly seems like a swingman, and Miley has back to back 3.98 FIP seasons in the NL and will see some ERA inflation in the AL (though not as much as normal since Arizona is a hitter’s park).  But Boston’s entire AAA rotation are among their top 10 prospects, so there’s plenty of depth they could use in trade or as reinforcements. 
• Detroit: Arguable if they’ve really taken a “step back,” but you have to question their direction.  In the last two off-seasons they’ve traded away Doug Fister, Rick Porcello, Drew Smyly, prospect Robbie Ray and have (seemingly) lost Max Scherzer to free agency so that they can go into 2015 with this rotation: David Price, Justin Verlander, Anibel Sanchez, Alfredo Simon and Shane Greene.   Is this a winning rotation for 2015?
• Kansas City: They have replaced departing free agent ace James Shields with newly signed Edinson Volquez, keeping newly acquired Brian Flynn and 2014 draft darling Brandon Finnegan in the bullpen for now.  KC is going to take a step back and will struggle to compete in the new super-powered AL Central in 2015, but have a slew of 1st round arms that look like they’ll hit in late 2015/early 2016.  I do like their under-the-radar signing of Kris Medlen though; he could be a very solid addition to their rotation if he comes back from his 2nd TJ.
• Oakland will have a new look in 2015, having traded away a number of core players.  But their rotation should be OK despite having traded away Samardzija and let Jon Lester and Jason Hammel walk.  Why?  Because they stand to get back two very good rotation members who missed all of 2014 with TJ surgery in A.J. Griffin and Jarrod Parker.  They should re-join the 2014 rotation members Sonny Grey, Scott Kazmir, newly acquired Jesse Hahn and either Jesse Chavez/Drew Pomeranz to form another underrated rotation.  Of course, if these guys have injury setbacks, it could be a long season in Oakland.
• Texas made a couple of acquisitions, re-signing their own Colby Lewis and trading for Nats cast-off Ross Detwiler (who should fit in immediately as their 4th starter), to go with ace Yu Darvish and recently recovered Derek Holland.  But Texas could significantly improve come mid-season when injured starter Martin Perez should return.  The big question mark for Texas is Matt Harrison, who had to have two vertebrae in his back fused and may not return, ever.   But if Harrison can come back, that gives Texas an opening day 1-5 that’s pretty improved over last  year.
• Cleveland didn’t exactly have the world’s best rotation in 2014 but has done little to improve it going forward.  They will continue to depend on Corey Kluber, newly minted Cy Young winner to head the line, but then its question marks.  Carlos Carrasco was great in a combo role in 2014; where’d that come from?  He was awful in years prior.  Is Trevor Bauer dependable?  They better hope so; that’s your #3 starter.  They just signed Gavin Floyd after his injury shortened 9-game stint with Atlanta last year; he’s no better than a 4th/5th innings eater.   Is Gavin Salazar ready for prime time?  He wasn’t in 2014.  And there’s little else on the farm; the Indians don’t have a significant starting pitcher prospect in their entire system. 
• Atlanta: The Braves surprisingly parted ways with Kris Medlen and not-so-surprisingly parted ways with Brandon Beachy, Gavin Floyd, Ervin Santana and Aaron Harang.  That’s a lot of starter depth to cut loose.  They look to go into 2015 with ace Julio Teheran followed by the newly acquired Shelby Miller, the inconsistent Mike Minor, the excellent but scary Alex Wood and under-rated 5th starter David Hale.  That’s not a *bad* rotation … but it isn’t very deep.  They have cut ties with guys who made nearly half their 2014 starts AND the guy who went 10-1 for them in 2012.  They (inexplicably) picked up a starter in Rule-5 draft who had TJ surgery in June; are they really going to carry him that long on the active roster?  They have no upper-end SP talent close to the majors.  If one of these 5 starters gets hurt, Atlanta could be in trouble.
• Philadelphia: all you need to know about the state of the Philadelphia franchise can be summed up right here: A.J. Burnett declined a $12.75M player option to play for the Phillies in 2015 and, instead, signed for 1  year, $8.5M to play for Pittsburgh.  They will head into 2015 with their aging 1-2 punch of Cole Hamels and Cliff Lee, the former being constantly dangled in trade rumors but going nowhere because the Phillies GM clearly over-values what a guy like Hamels and his guaranteed contract can actually bring back in return in this market.  Past Hamels/Lee there’s a bunch of non-descript names (David Buchanan, the waiver-claim Jerome Williams and the untested Cuban FA Miguel Gonzalez).   Can this team even broach 70 wins?
• Cincinnati is moving backwards: they’ve traded away Mat Latos for  pennies on the dollar (Keith Law says there’s “make-up issues.”) and moved the effective Alfredo Simon for other bit players.  They’re putting a ton of faith that one-pitch Tony Cingrani will last a whole season and the youngster Anthony DeSclafini (obtained for Latos) will comprise a workable rotation.  They do have a couple of decent prospects at AAA (Robert Stephenson and Michael Lorenzen) but they seem to be accepting that they’re taking a step back.
• St Louis traded away their least effective starter (Shelby Miller) and acquired the best defensive RF in the game (Jason Heyward).  Not a bad bit of work.  But they now will go into 2015 with a question mark in the rotation; prospect Carlos Martinez will get the first shot and could be good; oft-injured Jaime Garcia is still hanging around, and there’s a couple of good arms in AAA who could matriculate into the rotation via the bullpen as Martinez did in 2014.  It could end up being addition by subtraction (Martinez for Miller) but we’ll see.
• Arizona has boldly re-made their rotation this off-season, dealing away 2014 opening day starter Wade Miley for a couple of SP prospects and dealing for 6 arms in total thus far.  New rotation may not be flashy at the top (the enigmatic Josh Collmenter is slated for the opening day start in 2015) and is followed by former Tampa pitcher Jeremy Hellickson (traded for prospects), the two pitchers acquired from Boston for Miley in Rubby de la Rosa and Allen Webster and then a cattle-call for the 5th starter competition this spring.  Arizona also ended up with former Nats farm-hand Robbie Ray, still have the highly regarded Archie Bradley waiting for his free agent clock to get pushed out a year, plus 2013’s darling Patrick Corbin coming off of TJ, not to mention Bronson Arroyo coming back from TJ later in the season.  So there’s a lot of arms out there to choose from, eventually.  But getting to Bradley-Corbin-Hellickson-de la Rosa-Webster from where they’ll start will be rough.
• San Francisco‘s 2015 rotation could be just as effective as it needs to be (after all, they won the 2014 world series having lost Matt Cain mid-season and given the ineffective Tim Lincecum 26 starts).  They seem to set to go with Cain, WS hero Madison Bumgarner, the age-less Tim Hudson, and then with Lincecum and re-signed aging FA Jake Peavy.  This pushes Yusmeiro Petit to the bullpen for the time being and seemingly closes the door on Ryan Vogelsong‘s SF time.  Rumor had it that they were all over Jon Lester… and missed.  So a big acquisition to permanently sent Lincecum to the pen could still be in the works.  SF’s bigger issue is the loss of offense.  But the NL West is so weak they could still sneak into the playoffs again.  I list them as question marks though because Cain might not be healthy, Lincecum could still suck, and Hudson and Peavy combined are nearly 80 years of age.
  
• San Diego has completely re-made their offense; do they have the pitching they need to compete?   They signed Brandon Morrow to replace 32 awful starts they gave to Eric Stults last year; that should be an improvement.  But they’ve traded away their 2nd best guy (Jesse Hahn) and are now set to have two lesser starters (Odrisamer Despaigne and Robbie Erlin) compete for the rotation.  The Padres re-signed lottery ticket Josh Johnson (coming off what seems like his millionth season-ending arm injury) and still have TJ survivor Cory Luebke in the wings, possibly ready for April 1st.  Their 1-2-3 of Andrew Cashner, Tyson Ross and Ian Kennedy isn’t that inspiring, but in San Diego’s home park, you don’t have to be Sandy Koufax to succeed.  Have they done enough to compete in the NL West?

Which team has taken the biggest step back?  Clearly for me its Arizona.

Who is left?

Well, clearly the two big FA names are Max Scherzer and James Shields.  Scherzer gambled heavily on himself when he turned down 6/$144M.  Would the Tigers make him a new offer?  Are the Nationals possibly involved (I hope not for the sake of the team’s chemistry; what would it say to players if the Nats jettisoned Jordan Zimmermann so they could give Scherzer $150M?).   He’d make a great fit in San Francisco … who wanted Lester but would get nearly the same great performance out of Scherzer.  Meanwhile Shields could fit in Boston or for the Dodgers to give them the depth they’ve lost.

Past the two big names, you have older guys likely to go on one year deals.  There’s no longer really room for Ryan Vogelsong in SF; he could be a decent option for someone.   Aaron Harang has earned himself a likely 2 year deal as someone’s back of the rotation guy.  Guys like Kyle Kendrick or Joe Saunders could be someone’s starter insurance policy.  And of course there’s a slew of injury guys who are like pitching lottery tickets.  Beachy, Billingsley, and Alexi Ogando all sound intriguing as reclamation cases.

But, once you get past Scherzer and Shields, anyone looking for a big upgrade will have to hit the trade market.  The problem there seems to be this: there’s just not that many teams that are already waving the white flag for 2015.   From reading the tea leaves this off-season, Atlanta is giving up, Cincinnati may be close, Philadelphia has begrudgingly admitted they’re not going to win, Arizona has already traded away its assets, Colorado is stuck in neutral, Oakland may look like they’re rebuilding but they still will be competitive in 2015, and  young teams like Houston and Tampa aren’t giving up what they currently have.  So a GM might have to get creative to improve their team at this point.

Kershaw’s new $30M/year contract will be tough to live up to. Photo via wiki.

One of my pet projects of recent years has been to track “major” Starting Pitcher free agent contracts and then to do analysis of how they turned out, on a Dollar per Win basis.  This post is an updated version of this analysis to determine some of the “best” and “worst” free agent contracts ever awarded to starting pitchers.  It is updated for 2014 from last year’s version of the post by my putting in all the 2013 data for pitchers, plus putting in the significant 2014 FA contracts.  And, per requests I have added in bWAR and $/bWAR for analysis (though, as we’ll soon see, $/bWAR can be tricky to interpret for really poor performing pitchers).

The raw data spreadsheet is available in Google Docs at this link, or along the side of this blog window in the NAR Creation links section.  I havn’t cut and pasted any of the data here because the spreadsheet is too “wide” for the blog; I suggest opening it up in a separate tab while reading this post.

Data Taxonomy/caveats: For ease of analysis, I depend on the Average Annual Value (AAV) of the contracts as opposed to trying to figure out exactly how many wins were earned in which year of a varying contract amount.  Therefore (for example), Gio Gonzalez‘s contract may have only paid him $3.25M in 2012 but I’m using the full AAV of $8.4M for the purposes of the analysis (it would just be far too difficult to calculate each pitcher’s dollar per win on an annualized basis otherwise).  This analysis focuses heavily on dollars per pitcher Win, despite the known limitations of the win stat.  There is also dollars per Quality Start and now dollars per bWAR (baseball-reference’s version of WAR).

Here’s some interesting facts, that come out of this analysis (some of these points can also be seen at the amazing Cots Salary database, now at Baseball Prospectus, and are confirmed in my spreadsheet tracking the same):

Largest total Starting Pitcher Contracts ever signed

• Clayton Kershaw‘s new 7yr/$214M deal signed this past off-season.
• It beats out the previous record holder (Felix Hernandez‘s  7 year, $175M extension) by nearly $40M in total value.
• CC Sabathia (7yrs/$161M in 2009) was the longer-time previous record holder before that.
• Zack Greinke (6yr/$147M)  and Cole Hamel‘s 6yr/$144M contract deserve mention.
• Masahiro Tanaka signed one of the biggest ever deals (7 year $155M) before he ever threw a MLB pitch.

Largest Single-Season AAV

• Kershaw’s new deal finally beats out Roger Clemen‘s long standing single season record 1yr/$28M deal in 2007 as the largest AAV pitcher contract.  
• Justin Verlander‘s new deal gives him an AAV of $28M, a 10% jump up from the $24-$25M/year threshold deals we saw a number of pitchers sign in the last couple of years.

What are some of the Worst Deals ever made?  Lets talk about some of these awful deals on a $ per win or $ per bWAR basis.  Most of these contracts are well known to baseball fans and are commonly thrown around when talking about the worst historical FA contracts, but they’re fun to revisit.  Thanks to the bWAR inclusion, a number of new/more recent contracts now pop up on this list.

• Kei Igawa‘s 2007 deal with the Yankees, which was 5yrs/$20M but included a $26M posting fee, is generally speaking the worst $AAV per Win contract ever signed.  Igawa went 2-4 in 13 starts over the life of this 5 year deal, equating to $23M per win for his team.  He made exactly one quality start, meaning the Yankees paid $46M per QS.He spent the last two seasons of this contract buried in AAA.   For their $46M, the Yankees got a combined -0.6 bWAR out of Igawa.
• Chris Carpenter signed a 2yr/$21M extension in St. Louis before the 2012 season that seemed like a good deal at the time; unfortunately for both sides Carpenter hurt his shoulder, only made 3 starts in 2012, went 0-2 and contributed a -2.3 bWAR in that time.  So his dollars per win is infinite and his $/bWAR is uncalculatable.  I still rank Igawa’s deal as worse though since it cost his team more than double the dollars, and since Carpenter’s troubles were injury related while Igawa’s was mostly due to performance.
• Jason Schmidt‘s 3yr/$47M contract with the Dodgers.  Schmidt made 10 total starts and went 3-6, equating to $15.6M per win.  He totaled a -0.5 bWAR during this 3 year contract.
• Oliver Perez made just 21 starts (and got 3 wins in the duration of his 3 year/$36M contract with the Mets.  He was released in March of 2011, the final year of the contract, causing the Mets to eat $12M in salary.  The Nats picked him up and carried him on their AA roster all year before dumping him as well; he’s now trying to remake himself as a loogy and is in Arizona’s bullpen.
• Matt Harrison‘s current deal (so far) has been pretty expensive for the Rangers: for $11M in salary in 2013 they got just two starts and two bad losses before he hit the D/L and missed the remainder of the season.  He still hasn’t returned.  Odds are he recovers and has a chance to earn this contract, but you never know with shoulder injuries (though to be fair the injury that cost him 2013 was a ruptured disk in his back).
• Tim Lincecum‘s recently completed 2yr/$40.5M contract was pretty ugly for San Francisco; he went 20-29, had just a 43% Quality Start percentage and contributed -2.3 bWAR over those two seasons for his $40M.
• Barry Zito signed a 7yr/$126M deal.  In those 7 years he went 63-80 and contributed just 3.0 bWAR in the lifetime of the contract.  That’s $42M per win.  By way of comparison, Tanner Roark‘s 5 weeks of effort for the Nats last summer totaled 2.0 wins.
• Mike Hampton‘s injury plagued/ill conceived 7yr/$121M contract resulted in two full missed seasons and just a grand total 3.0 bWAR of value.
• Edwin Jackson and Dan Haren both managed to put up negative bWAR for their 2013 seasons (for which they were both being paid $13M a piece).  But those are just one-year deals; they aren’t the multi-year disasters that these other contracts can be.
• Chan Ho Park signed a 5yr/$65M deal with the Dodgers; for those $65M the Dodgers got precisely 0.2 total bWAR in 5 seasons.  That’s right; for that money they could have fielded a 4-A pitcher and gotten comparable value.  Park was 33-33 during that time and missed significant time with injury.
• Darren Dreifort (6.1M/win and 0.2 bWAR in 5 seasons), Russ Ortiz (4.7M/win and -3.2 bWAR in 4 seasons), Carl Pavano ($4.4M/win and 0.4 bWAR in 4 seasons), and Carlos Silva ($4M/win and -0.7 bWAR in 5 seasons) all had pretty infamous contract disasters too.

How about some of the Best Contracts ever signed?  Lots of players have signed small one year deals and won double-digit games, so those really cannot count.   Starting with an arbitrary floor of a $50M free agent contract, here’s some of the best value FA contracts ever signed:

• Pedro Martinez: 7yr/$92M, during which he went 117-37 for the Red Sox for a $786k/win total.
• Justin Verlander‘s 5yr/$80M deal from 2010-2014 will be a steal for Detroit: he’s already contributed 25+ bWAR and is at about $888k/win.  The same probably will not be said about his mammoth $140M extension.
• Mike Mussina went 92-53 in his 6yr/$88.5M contract for $961k/win.
• Chris Carpenter‘s 4yr/$50.8M deal from 2008-2011 was a steal for St. Louis: He may have missed some time but he still went 44-23 during that contract, contributed 13.6 bWAR and his $/win number was just $1.1M.  He’s the only guy who appears in both the “best contracts” and “worst contracts” section in this post.
• Mark Buehrle‘s 4yr/$56 deal from 2008-2011 resulted in about a $1M/win and just $3.2M/bWAR, great value for his team despite his mediocre looking 54-44 record.
• Jered Weaver, Yu Darvish, and Hyun-Jin Ryu deserve  mention here; they’re all in the early stages of their long-term contracts and are easily providing value in terms of $/win.

So what does this data mean?  Here’s some conclusions when talking about Dollars per Pitcher Win.

1. Up to perhaps the mid 2000s, if you got about one (1) pitcher Win per million dollars spent on a player in the Free Agent market that you were doing great.
2. Now, if you’re getting anything under $1.5M per win, you should be happy.  Especially if you’re paying an ace $25-$30M/year.
3. Anything over $2M/win is usually considered a bust.  Nearly every contract in the $2M/win in AAV and above has been mentioned and criticized as being a bad contract; the list of “worst ever” above starts at $4M/win and goes higher.
4. If you pay a starter anything more than about $25M/season,  you’re really going to have a hard time getting value back.  There’s only been a handful of 20-game winners over the past 5 years or so, but paying a starter $24M like Greinke is getting is almost certainly going to be regretted at some point.  An injury or a lost season completely blows the $AAV/win.
5. It illustrates more clearly than anywhere else the value of a top-notch, pre-Arbitration starter.  Take Clay Buchholz for example; in 2010 he was 17-7 while earning the league minimum of $443k.  That equates to $26,059/win on the same staff that was busy paying Daisuke Matsuzaka $2.06M per win (when adding in the $52M posting fee).  Buchholz has struggled with injuries since then, but teams that  lock down and depend on these pre-arb starters save untold amounts of FA dollars as a result.
6. This analysis is nearly impossible to do across baseball eras because of the general inflation of contracts and especially because of the bonanza of FA dollars being thrown out there right now.  Pedro Martinez at the top of his game signed a 7yr/$92M deal.  Imagine what he’d get today?  It could be three times that considering how good he was in comparison to his counterparts in the mid 90s.  He was coming off a 1997 season in which he struck out 305 batters, had a 1.90 ERA, a 219 ERA+ and won the Cy Young award.  So going forward a general $1.25M/win is a more accurate barometer for whether or not a pitcher has “earned” his contract.  But there’s no easy way to draw a line in the free agency sand and say that before yearX $1M/win was a good barometer while after yearY $1.25M/win is a good barometer.
7. A caveat to the $1M/win benchmark; there are different standards for obtaining wins.   If you sign a $3M 1 year deal and then subsequently go 3-12 with a 6.00 ERA … while it looks like you reached the $1m/win threshold in reality you were, well, awful.  This analysis only really holds up for major FA contracts paying in excess of $10M/year.

And here’s some discussions on Dollars per WAR, since we’ve added that in for this 2014 analysis.

1. The general rule of thumb is that “wins” in terms of WAR “cost” is somewhere between $6M and $7M on the open market.  Did $6M/win work out in this analysis?  Yes and no; it is sort of difficult to do this analysis with players badly underperformed.  Take for example John Danks: he’s two years into a 5yr/$65M contract where he’s gotten hurt in both seasons and has just 7 wins and a 0.7 bWAR.  Well, $26M in total salary paid so far for 0.7 bWAR equals a $37M/war figure.  Well that’s not quite right.
2. The best you can do is look at player-by-player examples.  Johan Santana‘s 6yr/$137.5M contract cost his team $9M/bWAR.  That’s unquestionably bad.   Cole Hamels went 17-6 in 2012 on a 1yr/$15M deal, which turned out to be just $3.2M per WAR for his 4.2 bWAR season.  That’s great.
3. The $/bWAR analysis gets worse if the bWAR is negative; our own Dan Haren came in with a -0.01 bWAR for 2013; how do you decide how much the Nationals paid on a dollar-per-bWAR basis for Haren?  If you divide 0.01 into his $13M salary you get a non-sensical -$1.3 billion figure.

Lastly, for comparison purposes, here’s the above analysis looks for the 2013 Nationals pitching staff.  Keep in mind that the $/win figures for pre-arbitration pitchers vastly skew the analysis (apologies if this bleeds off the side of the browser screen)

The counting figures for Starts/QS/Wins/Losses are cumulative for the life of whatever contract the player is on.  So for Strasburg, he was basically in the 5th year of his original 5 year deal, hence the 75 total starts in those 5 years.

The 2013 Nats have $AAV per win and $/bWAR mostly on the good side:

• Yunesky Maya and Nathan Karns both contributed negative bWAR for 2013, so their numbers are meaningless.
• Taylor Jordan and Dan Haren both came in at zero (or close enough to it) bWAR, so their numbers are also meaningless.  Well, not “meaningless” in Haren’s case: basically he gave the team replacement performance for his $13M in salary; the team could have just called up a guy from AAA and let him pitch all year and gotten about the same value.  Thanks for the memories!
• The best $/win guy was Tanner Roark, who got 3 wins for his MLB minimum salary … and that’s not even taking into account the fact that Roark’s 2013 salary probably should be pro-rated for this analysis.
• The worst $/win guy was  Maya; who demonstrated yet again that his $8M contract was a mistake.
• Nearly the entire staff has $/win values under the “you’re doing well” threshold of $1M/win.  And nearly the whole squad is doing $/bWAR well below the $6M/bWAR range.