I didn't expect him to be an ace, so I'm not worried yet. It'd be nice if he wasn't stinking it up, but last year was an anomaly. He won't come close and shouldn't be drafted as such. I think if you get 12 wins, 3.85 era and a 1.275 whip, with possibly 160 ks, you did ok for yourself. If you drafted him as a Cy Young award winner, you're going to be sorely disappointed.
So, in summary, don't panic just yet and you aren't going to be able to sell him right now. In no league that I drated in was he selected as a top guy so no one was expecting much anyway.