Reading FJB's post on Wilson led me to look at his SIERA and other fielding indepent measures of his pitching. His SIERA has generally been below his xFIP through his career and was closer to his ERA this year. That kind of figures since he is a relatively high K groundball pitcher.
The exception was his first year starting, last year, when he had his lowest K rate and highest walk rate. Last year, he had an abnormally low (even for him) HR/FB rate, which helped his ERA. Essentially, he was a #3 starter last year who was helped by keeping the ball in the park. That might have to do with his stuff (high K pitchers often induce worse contact when balls are in the air), or it might be the biggest fluke in the world given he played in Arlington. I'm inclined to think he suppresses HR due to stuff.
this year, his K rate reverted to his career average and BB rate was his career best. Looks like he tried to pound the strike zone because his HR rate jumped - still better than average, but it looks like he was occasionally beat when he challenged guys.
I agree with FJB's premise - Wilson is higher risk than Sabathia and Lee and that his contract will likely need to be in the Lackey / Burnett / Hernandez / Beckett . . . range. $17 MM/ yr, 4+ years, rather than the Ted Lilly range. I think there were plenty of flags on Lackey saying declining performance stay away (and was not happy with the signing at the time), while with Burnett there was the history of inconsistency. I think Wilson is more likely to be a good signing than the two FJB mentioned due to less history of inconsistency and due to the improvement his second year starting (not a one year fluke who can't take the demands of starting). There is still a lot of risk in that signing because the starting track record is short.
I still think the price on Wandy is better, the commitment in years is better, and the downside risks are probably less. he'd slide in as #3 and be an upgrade over our veteran lefties. My first choice would be to deal for him if we have stuff to deal.