Dunn was worth 3.9 wins last year and just over 1 win before that. Assuming he's at least a slightly below average 1st baseman as he was last year, then somewhere in the 3-win range is about what should be expected. In 2009, the last time Nick Johnson was fully healthy, he was a 2.5 win player. We can get him for next to nothing, most likely, and still have money to go get a quality backup since he's unlikely to stay healthy all year. Is 1-2 extra wins worth about $45-50 million extra for a 31 year old player? Last year in just about the worst possible scenario for Carlos Pena, he was a 1 win player. The previous two years he was a 2.8 win player and a 4.0 win player. He'll come significantly cheaper than Dunn (in both money and years) and is more likely than not to rebound to close to 2009, if not 2008. As unlikely as it is that we acquire him, Alex Gordon is a potential stud. In the only two years the Royals have felt like playing him a full season, he's been a 2.1 and 2.3 WAR player. I'd rather work a Colvin/etc trade for Gordon than sign Dunn. The risk for the other options outside of Dunn are much, much smaller than $56 mil for a 31 year old player and yet the rewards are within a win or so of Dunn. Why is it such a good idea for a team that might be a contender in a weak division to overpay for him? Because Dunn is a proven offensive asset who is relatively affordable and that's what the Cubs need right now. Not someone with potential, not a reclamation project and not even older and obviously declining players. Based on the going contracts Dunn is barely being overpaid, so quit talking like he's shamelessly robbing a bank.