If he's looking for Cain money or anywhere close to it, he's going to have to earn it in 2013.
Either get him at a discount or make him pitch 2013 to prove he's back to where he was 2 years ago. The WW we got last year is worth about what Kyle Lohse is worth, if that. His fastball was sitting at 90, his curveball was gopher-prone and his stamina came and went. He was a #3 caliber starter last season.
Unless they can get him to sign a deal that pays him like a 2 or 3 for the next 4 years, make him pitch in 2013 and prove that he should get paid like a #1. If worst comes to worst, we have a lot of starting pitching depth and will certainly offer him arb next year. That would be the third straight year we'd find ourselves holding an extra pick in the first round and the extra slot money that would come with it. The trick will be not wasting said pick on the James Ramsey's of the world.
If you can't draw a crowd, draw dicks on the wall.