IP - 132.2, 28, 109
K% - 24.91, 25, 17.65
BB% - 7.09, 5.47, 8.92
SwStr% - 10.9, 12.1, 8.6
FIP - 4.05, 1.92, 5.18
tRA - 4.36, 2.41, 6.01
If you weigh his FIP by the IP breakdowns, you get 4.62. He was a starter, so knock about a run off that and you would expect him to be a ~3.60-3.70 reliever. That would actually rate fourth on the Rays right now, just behind Lance Cormier/Randy Choate. Not too bad really. Depending on the leverage, could be quite valuable. Do a quick weighing of the strikeout and walk ratios and you find him in company of these relievers from 2008:
Average FIP of those involved: 3.7
Of course I'm talking about Pedro Martinez, but if I say "This is Pedro Martinez" people get nostalgic and start wondering if he could throw fight-delayed near no hitters for us. I have no idea how legitimate the interest is, but if he's coming as a reliever, I feel good about that. If he's coming as a starter, I feel queasy. At least this is more like Barry Bonds than Ken Griffey Jr. in the sense that it seems Martinez could actually help the team instead of becoming the mascot and a topic of hagiography.
Depending on the price and his willingness to relieve, and I guess close, it seems like a somewhat worthwhile venture for the Rays to pursue.