i figured you were placing the real value at the first 3 years. you said two, but i give him credit for having a good shot at 3. here's how i look at it, if they win a world series, then all contracts are worth it or forgiven. as it would be with any team. if they don't, then you have to look at the value you are getting. i think almost everyone would agree that 5 years is too long a term for a 32 year old catcher, considering how catchers crap out around 34 or 35, but the FA market has it's own demands.
i figure they can get 3 starting catcher years out of him, 32-35, which leaves 2 backup catcher years, in regards to performance. an experienced backup catcher's market value is around 1, maybe 2, million per year, based off of existing backup catcher contracts.
that means if they get 3 really good years of starting catcher out of him, which places him at 35 years old with 2 backup type seasons ahead of him, then he has to be worth 27 million per year the first three years. considering most good starting catchers are making around 5+ million per year, that's quite a discrepancy.