Feliciano would likely end up earning around $4 million in arbitration, assuming the Mets offer it to him. He’s rumored to be seeking at least a two-year deal. He’s letting more runners on base, he’s pitched a ton of innings over the last few seasons, he’s walking more and striking out less, and he showed he’s not very effective against right-handed batters last season, at least to the extent that he should be used as anything more than a situational lefty. So, is it wise to sign a 35-year-old situational lefty, with a lot of mileage on his arm, to a two-year, $8 million deal? I don’t know that it is.
Feliciano is a Type B free agent. In other words, if the Mets offer him arbitration and he signs with a new team as a free agent, they will be rewarded a draft pick between the first and second rounds.
– Matthew Cerrone, MetsBlog.com.
I’ve written about this before, but offering Feliciano arbitration seems like a no-brainer to me. Worse comes to worse, he accepts, then wins in arbitration and you end up slightly overpaying a pretty damn good and unbelievably durable situational lefty — something you’re probably going to need anyway.
Best-case scenario, he declines and signs elsewhere and you get a free sandwich-round draft pick.
Mmm… sandwich round.
Tedquarters 
Definitely offer him arbitration.
The reports that the Yankees are interested in him probably make him less likely to accept, anyway.
It really depends on how tight the Mets’ budget is. If Joel Sherman’s column today was accurate & the Mets might not even have $5 million in payroll flexibility, offering Pedro Feliciano arbitration is too big a gamble.
3 things about Feliciano.
1. The “can his arm hold up” question has been brought up pretty much every single year. It’s safe to say the answer is a resounding yes.
2. Of course you offer him arbitration and hope to keep him. The Mets aren’t about to sign Scott Downs, they’ve moved on from Hisa Takahashi, and as lefty specialists go, Pedro is the best one out there.
3. I don’t know what Joel Sherman wrote, but chances are it’s fictional nonsense. Track record and all.
Seems like a no-brainer to me too. The worst case scenario is that you end up slightly overpaying the best available LOOGY. Come midseason, maybe he can be flipped to a contender needing LH pen help. The downside to offering Pedro arb seems minute.