Yes, the basic projection stuff and then a couple paragraphs explaining something like,
1) Happ hasn't just been good for 11 starts, he's pitched at the level of this contract throughout 2014-2015. His last 11 starts do provide upside, however because:
2) With pitchers, it's not unreasonable to bump expectations based on several good starts. There are real changes that Happ made in Pittsburgh (refined release point) and peripherals that stabilize quickly do point to improvement.
You can include a sentence with FRIAS too if you'd like. It pegs his 2015 effort at 20.7% K%, 7.0% BB%, 2.9% HR% for a 3.95 FIP, which is basically average.
It's up to you to decide how to arrange the future WARs and environment parameters!