Was Joel Pineiro good value?

Question

Last year Pineiro pitched with the St Louis Cardinals throwing a career-high 214 innings in 32 games going 15-12 with a 3.49 ERA, bouncing back from the previous year where he went 7-7 with a 5.15 ERA in 26 games. Overall the 10-year veteran has a career record 87-79 with a 4.39 ERA.

The deal is worth $16million over the next two years and for just $8 million a season that's pretty good value?