Mike Pelfrey has agreed to a $4 million contract offer for 2011, avoiding arbitration in his first year of eligibility with the Mets. Pelfrey made $500k last season in his final year of indentured servitude, though his pre-arbitration haul did include the $5.25 million Scott Boras negotiated for him after the Mets took him ninth overall in the 2005 draft.
Update: Jon Heyman says the deal is for $3.925 plus $50k in potential bonuses, presumably based on games started or innings pitched.