Make sure I understand...they're reasoning it's a smart deal because signing Beckett to this deal now is better than letting him go to free agency, where you would either pay a ton more to retain him, overpay for Cliff Lee or take a big risk on Webb's shoulder?
I suppose if you convince yourself those are your only options, than yes, it's a good deal. But those aren't the Sox' only options. They poopoo a Lester-Lackey-Buchholz-Dice K rotation a bit, but that's actually a very good rotation at least through 2012 (which is when Lackey will start to really suck and Red Sox fans will start to really hate him). Wakefield seems to be going on forever, but even if he doesn't, and the Sox have to go back to bargain basement for that fifth option next year, the problem with Penny-Smoltz last year wasn't that the Sox went bargain basement, it was that they made their bargain basement options Penny & Smoltz. All they have to do is wait out the market and sign the best guy left. That's how the Angels got Abreu last year and Pineiro this year.
Now, if the Sox hadn't spent all that $$ on Lackey, a deal like this for Beckett makes sense. After all, one risky contract for a terrific talent is acceptable, especially for a big market team. Two huge long term contracts for SPs in their 30s? And both with injury issues in the past (albeit, nothing like shoulder or elbow reconstruction)? Way, way too risky, and especially while blocking a good young talent like Buchholz.
Like I was saying before, instead the Sox should have created a "Halladay" market for Beckett, dealt him at the TD for more minor league uber talent for the next cycle of Sox greatness, and then spent that money saved partially on a decent fifth option, elevate Buchholz, and the rest on the big bat they should have been trying to secure this past offseason.
As for the MFY, if I were a Red Sox fan and they signed Beckett to a huge deal, I would be dancing in the streets. Or did you notice I wasn't exactly broken up when Lackey signed with the Sox?
