According to Adam Rubin of ESPN New York, the Mets and Mike Pelfrey have avoided arbitration and agreed to a one year deal.
Rubin says the deal will pay Pelfrey approximately $4 million, after he earned $3.3 million in 2010.
Updated by Matthew Cerrone at 1:50 pm:
In October, I figured Pelfrey would end up getting between $3 and $5 million, based on where the market is and how similar talent was paid in recent, similar situations. His 2010 season was probably worth double that on the open market, if not slightly more, and so he is still a bargain – especially at $4 million.
Updated by Matthew Cerrone at 1:53 pm:
The late buzz from Citi Field suggests that both RA Dickey and Angel Pagan could be headed to arbitration, as opposed to settling like Pelfrey.