Per numerous reports, the Mets have reached an agreement with Francisco Rodriguez, pending a physical. The deal is reportedly for three years and $37 million with a vesting fourth-year option worth $14 million. Details are still being finalized, and we don't yet know the specifics of the option, any buyout, etc.
This is far from a horrible deal, depending on how lenient the vesting option is. If the option is reasonable, then it's probably a decent gamble. Vesting options are almost always based on innings or games completed. The biggest concern from the Mets' standpoint is Rodriguez's health, but if he is healthy enough to reach whatever playing time milestones are required for the option year to vest, then he will likely still be a very effective pitcher and the Mets would probably want to have him back anyway.
One (draft pick) down, and a long offseason to go.
UPDATE [3:47pm]: Angels fans aren't losing any sleep over Rodriguez's departure.
UPDATE [5:21pm]: Beyond the Boxscore likes the deal.