I'm in a 12 team, H2H, 4 Keeper league, and my keepers will be Kemp, Longoria, Reyes, and Posey. You can keep players as many seasons as you want. I would love to lock up McCutchen, but its likely he won't be the highest ranked available player when we start drafting in round 5. Would it be worth taking him with my first pick anyways? I'll be drafting at #7.
Some possible (not all keepers have been announced, but most have) players that might be available include:
Chase Utley (probably won't fall to 7, even if not kept)
Felix Hernandez (same)
It seems to me that given what else is probably going to be out there, McCutchen might be the best long term value. Would love to get some other opinions.