Possibly a great addition to the bullpen, but that's crazy money for a setup guy.
3/$16.5MM would be approaching $75-80K per inning, if he stays healthy.
Comparative money for a starter would be in the neighborhood of $15MM/year. That's Buerhle, Arroyo, Lowe, Dempster category there... I can't see us getting anywhere near that type of value out of a bullpen arm.
Outside of the top 15 closers in the league, he'd be the highest paid relief arm I think.