Per various sources, the Mets had dinner last night with Francisco Rodriguez and have reportedly extended a two-year, $25 million offer to him. The alleged offer would also include some kind of third-year option. Paul Kinzer, the agent for Rodriguez, seems inclined to fashion a creative deal that might carry short-term incentives for his client, while allowing him to become a free agent again before he turns 30.
Given these details, and also given that Rodriguez and Brian Fuentes are both Type A free agents, the Mets would seemingly be better off giving Kerry Wood the same two-plus-one deal, presumably for less money, and keeping the extra draft pick for themselves (or to use compensation for signing a different free agent for whom there is no reasonable compensation-free alternative).
UPDATE [8:31am]: MLB.com is reporting (via SI.com) that the Mets have increased their offer to something like three years, $37 million, and that both sides believe a deal can be struck within the next 24 hours.