From the Rob Neyer chat going on right now:
Sean (MD): If Zito is not worth 18 million, how much do you think he was worth?--given the Meches and Suppans of the world are getting double-digit millions
Rob Neyer: (1:20 PM ET ) Well, considering that Schmidt got roughly $16M/season, I would say Zito's in the $14-$16M range. Theoretically, that is.
Which, as it turns out, is what the Rangers were offering.