I don't think it's bad even without an extension. Chavez has been solid, and if he can make 30 starts, will probably put up 2.5 WAR or higher. That's pretty damn good for ~$5M. Maybe Hendriks continues to be great, maybe he doesn't. Assuming health, Chavez is probably worth 2 seasons of Hendriks directly. If we consider that picking up a guy like Chavez on the FA market probably costs 3 years @ ~10M per, then that makes it even nicer. I think this is a very nice deal for both teams.