He's a major league pitcher; marginal, but playable at low leverage. I've used guys like this in the long relief role, as a 10th pitcher, with reasonable success; expect ERA's in the mid-to-high 4s. Don't arb him even once. But he's half a run of ERA better than what's in Rule 5 or AAA in any decent world, and cheaper than similar FA that are available at the end of the FA cycle.
EDIT-- I missed the high salary. Oops. Not worth those $$, but you have him, so use him.