Baseball Reference's pitching WAR is pretty shaky because it uses runs allowed, which is in part dependent on the defense behind the pitcher and a lot of luck is involved. Fangraphs' version of pitching WAR uses FIP, which eliminates the defense and focuses only on the factors that the pitcher can control (strikeouts, walks, and homeruns to an extent). Hutchison's fWAR was 1.5 this season, which is worth about $12MM if you're being conservative. Of course that doesn't mean that Hutch should make that amount, as there would be little precedence for such an insane raise.