Entering the 2008 season, right-hander Brad Penny likely had free agent riches in his sights. The 30 year-old had posted a sub-four Fielding Independent ERA (FIP) for five straight seasons, including a 2007 campaign in which he topped the 200-inning mark for the first time since 2001. With another strong showing Penny figured to snag a pretty penny, securing a long-term pact paying an annual salary in the eight-figure range.

Those hopes of a lavish multi-year deal never materialized, however, as Penny dealt with a shoulder injury that placed him on the 15-day DL three separate times: “mild tendinitis” in June, “shoulder inflammation” in August, and “shoulder soreness” in August.

In between that trio of trips to the DL, a less-than optimal Penny turned in his worst season as a professional. Tossing just 94.2 frames, the 2006 NL All-Star starter punched out less than five batters per nine innings while walking about four per nine. Combined with an elevated home run rate (1.24 per nine), Penny posted a 5.27 FIP. Penny’s fastball velocity was down a tick from 2007 (from 93.4 MPH to 92.4 MPH), and the speed of his heater jumped around quite a bit during the summer months as he tried to pitch through his shoulder ailment:

June: 94.1 MPH
(DL stint)
August: 89.6 MPH
(DL stint)
September: 92.8 MPH
(DL stint)

Take a look at these clips from the Baseball-Intellect website. One shows Penny unleashing a 97 MPH fastball in a May 13th start versus Milwaukee, while the other shows Brad more or less lobbing a 90 MPH pitch August 8th against San Francisco. Cleary, Penny’s shoulder was bothering him a great deal. It’s difficult to argue with R.J. Anderson, who suggests that it would have been in the best interests of both the free-agent-to-be and the Dodgers for Penny to have shut it down far earlier than he did.

Penny was forced to take a one-year deal following his injury-wracked season, inking a one-year, $5 million contract with the Red Sox that includes an additional $3 million in possible incentives. Let’s assume for the time being that Penny reports to spring training in good health. The 6-4, 260 pounder has never posted ace-like peripherals, but his league-average K rate (6.36 K/9), decent control (2.93 BB/9) and mild groundball tendencies (48.7 GB% in ’07, 49.1% in ’08) have allowed him to post a very useful 3.95 career FIP.

Marcel projects a 4.11 FIP out of Penny in 127 innings, meaning that Brad would surrender about 58 runs. A replacement-level starter (with a 5.50 FIP) would give up about 77.6 runs in the same number of innings. Penny’s 19.6 runs above replacement (1.96 WAR) would make him worth about $9.4 million, using a scale of $4.8 million per WAR. In other words, Brad would be well worth his salary, even if he didn’t hit the 160-inning threshold that kickstarts his incentive money. Bringing in a solid starter like Penny on a one-year deal was a shrewd move by an organization that makes plenty of intelligent decisions. If Penny makes a full season’s worth of starts, he’ll be an outright steal.

If Penny’s shoulder heals, he could be a nice bargain on draft day. Some owners might have a sour taste in their mouths from his 2008 work, but the big righty is certainly worth tracking during the offseason. If the medical reports sound promising, give some thought to picking up a Penny for your fantasy squad.