There are those who have argued that it doesn't really matter what the Angels are paying Vernon Wells, because at the end of the day, he makes the Angels better, and Arte Moreno can afford to pay him.
But how good is Vernon Wells, really, as a player?
Here's the 2011 ZiPS projection for Vernon Wells:
.265/.318/.451, 104 OPS+
Here's the 2011 ZiPS projection for David Murphy:
.277/.338/.446, 105 OPS+
And they are both above-average defensive COFs who are hard-pressed to handle centerfield capably.
So basically, the Angels are paying $86 million over the next four years for a righthanded David Murphy.