Per Sports Illustrated's John Heyman, via Twitter. Pavano ended up accepting a deal for two years and $16.5M plus incentives from the Twins. He also turned down a one-year deal with a higher annual value (reported by Heyman as $9.75M) from the Yankees. A two-year deal for $6.5M per isn't an insultingly low offer, but it's not a particularly serious or competitive bid, either. Pavano had earned $7M in 2010, he was coming off a productive and successful season that culminated in a playoff berth, and he had a high level of personal comfort in Minnesota. He wouldn't want to take a pay cut, uproot his family, and come to a less competitive club unless he had no other palatable options. I'd prefer to think that we had only moderate to mild interest and tried to opportunistically grab him on a below-market deal, because the alternative is that we drastically undervalued him relative to the open market. (Hat tip to white angus.)