As my esteemed colleague scribed earlier today, the Mets had (yes had) three potential arbitration cases: Mike Pelfrey, RA Dickey, and Angel Pagan.
The list has quickly dwindled. Adam Rubin is reporting that Mike Pelfrey has signed a one year deal with the Mets, avoiding arbitration. According to Rubin, the Mets will pay "Big Pelf" $3.925M for the 2011 season. There is a potential for another $50,000 in performance bonuses. Last year Pelfrey wasn't arbitration eligible, so he only earned $500,000 when the Mets exercised the team option.
Last season for the Mets Pelfrey was a respectable 15-9 with a 3.66 ERA and registered a career best 204 IP.
The Mets are set to exchange offers with the other two candidates, and will hopefully avoid arbitration. A hearing is set for sometime in February if an agreement can't be reached before then.
Pagan earned $1.45M and Dickey was paid $600,000 in 2010, with $150,000 in performance bonuses.
Both men are expected to earn considerably more money this season.
Source: Cot's Baseball Contracts