Is Jason Peters, dollar for dollar worth 11.5 million a year? Maybe, maybe not. But I don't think it really matters. The bottom line to me is, this team is much better with Jason Peters maybe being a little overpaid at LT, than signing a 1.5 mil/yr talent who is worth 1.5 mil/yr.
If you're going to be competitive, you're going to overpay for players. If we want to sit here every offseason and say "I'm glad we didn't overpay for this guy and that guy, we have real 'value' in the contracts our team has signed..." we're probably going to continue missing the playoffs for a long time.
The bottom line is, Jason Peters is a damn good LT and we're not signing anyone who could hold his jock strap to replace him, if he walks. So yes, all things considered, pay the man.
That's just Ye Ole' Cotton's 2 cents. Who is with me?