2 years, $17.5M, reportedly, with options and stuff, plus they give up a first-round pick to Colorado. Last year, league average ERA for a relief pitcher was 4.09. Marcel the Monkey projects Fuentes to have a 3.69 FIP next year. Probably an overpay, but there's plenty of upside.

That's better than, say, handing K-Rod $75 million, or even $37 million for three years, like the Mets did. Then again, signing K-Rod to 3-37 wouldn't have involved forfeiting a #1 pick.
Then again, signing K-Rod to 3-37 wouldn't have involved forfeiting a #1 pick.
In a practical sense, that's not really true. The Angels' choices were either keep K-Rod and pay him, or let him go and get the Mets' first-round pick. By keeping K-Rod, they would have forfeited the rights to the Mets' first-round pick and the supplementary pick.
By signing Fuentes and letting K-Rod walk, essentially they saved some cash, downgraded some at closer, traded their first-round pick for the Mets' first-round pick, and gained a supplementary first-round pick. Overall, that looks like a good deal to me.
Forgot about that angle. Yep, I like what the Angels did there.