I don't see how burying him in the minors or buying him out would have been better use of the asset?
First, I would argue that he was a prime reason they made the playoffs last year, and this covered his cost alone.
Second, you got approximately $1M worth of production from him last year. Putting him in the minors and replacing him with someone else doesn't save you any money, in fact, it costs you money unless you can guarantee that the replacement puts you in hte playoffs