Here are the free agent pitchers:

Bannister (30) - 0.0 WAR in '10, 2.9 in '09.  Career FIP is 4.77, xFIP is 4.86.  Probably not worth a minor league offer.

Bedard (32) - did not pitch in '10, 81 innings in '09.  Career FIP is 3.66, xFIP is 3.88.  8.77 K/9 career.  A minor league offer or incentive laden deal may look smart if he can get healthy ever. 

Bonderman (28) - 0.9 WAR in '10, have to go back to '07 to find a number over 1.0.  Still FIP in '10 was 4.90, xFIP 4.74.  Career FIP is 4.27, xFIP 4.11.  At 28, could be worth a minor league offer.

Bush (31) - 0.1 WAR in '10, 5.13 FIP, 4.98 xFIP.  Not worth a look.

Chen (34) - went 12-7 for the Royals in '10, WAR was 1.3.  FIP was 4.54, xFIP 5.01.  Not worth a look.

Correia (30) - type B - FIP 4.71 in '10, xFIP 4.19.  Gave up 1.24 HR/9 in Petco.  Doesn't figure to do better in Citi.  0.1 WAR in '10.  Pass.

Davis (35) - came back from cancer in '10.  5.22 FIP, 4.68 xFIP.  Had 1.7 WAR in '09 before getting sick.  Probably not worth a look.

De La Rosa (30) - type A - 1.7 WAR in '10.  4.30 FIP, 3.77 xFIP.  Has been called "Ollie Perez Lite" (which is a complement  - I think - relatively speaking at least).  Let someone else overpay for him particularly if it will cost us a 2nd round pick.

Duchscherer (33) - was a top set-up man/middle reliever before spending most of '09 and '10 on DL.  May be worth a minor league contract on that basis. 

Francis (29) - missed all of '09.  1.9 WAR in 104 IP in '10, 3.88 FIP, 3.94 xFIP.  In '06-'07, compiled 7.7 WAR combined, going 30-20.  Could be very interesting cheap starter / minor league contract guy.

Garcia (35) - 1.3 WAR in '10, 4.77 FIP, 4.59 xFIP.  Someone else will probably offer a major league deal.  Pass.

Garland (31) - type B - 0.8 WAR in '10, 4.41 FIP, 4.35 xFIP.  Let someone else overpay for him.  Pass.

Harden (29) - put up -0.7 WAR in '10, 6.31 FIP, 5.90 xFIP.  6.07 BB/9.  Career K/9 is 9.13 but just doesn't seem healthy.  Ever.

Harang (33) - 4.60 FIP, 4.62 xFIP in '10, 0.9 WAR.  In '09 had a 2.4 WAR.  Did win 16 games in '06 and '07 and career K/BB ratio of nearly 3:1.  Could be worth a $3-5mil contract? 

Lee (32) - Pipe dream - Mets trade Bay, Castillo and Perez to the Giants for Zito, then trade Beltran to the Sox for Ellsbury, then swoop in and offer Lee...  yeah right.

Looper (36) - did not pitch in '10.  Pass.

Martinez (39) - did not pitch in '10.  Pass.

Lopez (35) - 0.6 WAR in '10, 5.21 FIP, 4.70 xFIP.  Went 7-16 for the D-Backs.  Pass.

Millwood (36) - In '09, went 13-10 with a 3.67 ERA, FIP was 4.80, xFIP was 4.78; in '10 went 4-16 with 5.10 ERA, FIP was 4.86, xFIP was 4.66.  Seems like he was probably pretty much the same pitcher both years.  Could be worth a $3-5mil contract, but will probably get more elsewhere.

Moehler (39) - 0.0 WAR in '10, have to go back to 2005 for the last time he was over 1.0.  Pass.

Moyer (48) - 0.4 WAR last two years each.  pass.

Olsen (27) - 0.6 WAR in '10.  4.45 FIP, 4.39 xFIP.  Still young enough to be worth a minor league deal.

Padilla (33) - 1.0 WAR in '10, 7.96 K/9 and 2.27 BB/9 in 95 innings;  2.1 WAR in '09.  Could be worth a minor league deal.

Pavano (35) - type A - 3.2 WAR in '10, 3.7 WAR in '09.  FIP was 4.02, xFIP was 4.01, went 17-11 for the Twins.  Let someone else overpay.

Penny (33) - 1.1 WAR in '10, 2.5 WAR in '09.  3.40 FIP, 3.77 xFIP.  I'd worry about him replicating these results without Dave Duncan.  Pass.

Pettitte (39) - Yankees or bust. 

Robertson (33) - 0.5 WAR in '10 and '09.  4.80 FIP, 5.07 xFIP.  Pass.

Snell (29) - had a -0.7 WAR in '10, went 0-5 with 6.45 FIP, 5.76 xFIP.  Pass.

Suppan (36) - 0.0 WAR in '10 after -0.7 in '09 and -0.2 in '08.  Seems a long way away from the guy that pitched us out of the playoffs in '06.  Pass.

Takahashi (36) - can't re-sign until May at this point.

Vazquez (34) - type B - is it NY or the Yankees?  -0.2 WAR in '10, 5.56 FIP, 4.90 xFIP.  In '09 had 6.5 WAR.  Second in the majors in strikeouts in the 2000s.  Probably worth a look at $5-7mil if he'd come.

Washburn (36) - missed all of '10 due to "contract issues" (him thinking he was worth far more than he was).  4.58 FIP and 4.73 xFIP in '09, with 2.2 WAR.  Pass.

Webb (32) - pitched 4 innings in '09 and none in '10.  Put up 19.9 WAR in the 3 years before that, going 48-20.  Has to be worth a look if he seems healthy.  Sheets money ($10mil)?  I'd pass.  2 years at say $10-12mil total with incentives?  I'd do that.

Wellemeyer (32) - had a -0.6 WAR in '10 and -0.3 WAR in '09.  Pass.

Young (32) - 0.2 WAR in '10, -0.5 WAR in '09 with a combined 96 IP.  Could be worth a minor league deal.  I like any pitcher whose name reads "C Young" in the box score.

So out of all 35 of those, I find three sparsely populated categories:

Worth a minor league contract (7):  Bonderman, Duchscherer (as reliever), Garcia, Harden, Olsen, Padilla, Young

Worth an incentive-laden contract due to injury concerns (2) :  Bedard (2 years $2mil plus incentives), Webb (2 years $10-12mil plus incentives)

Worth a major league contract (7):  De La Rosa (1 year $8mil); Francis (1 year $900K); Garland (1 year $5mil); Harang (1 year $4mil maybe with an option year); Millwood (1 year $4-5mil); Pavano (1 year $5mil); Vazquez (2 years $14-15mil).