Santana, a former two time CY Young award winner, is the definition of High risk, High reward. He sat out all of 2011 and only pitched to 120 or so innings before being shut down early. Santana is due to make 25 million and has a buyout of 5.5 million in his team option for next year(25 million). So, we would be paying him 7 mill(same price as Hanrahan) plus a 5.5 buyout next year. New York is in desperate need of a bullpen stopper so I'm sure they'd listen.
Twins shore up soft bullpen, Pirates get a guy who could bounce back from a rough 2012 and has nice periphals(career 8 K/9 and 48 GB%), and Indians get a good prospect and a good 1B from the Twins plus save cash to sign a better SP or OF.
Giants shore up the end of their bullpen without adding much payroll. Pirates get a lefty specialist in Mirajes who pitched to a 2.56 ERA this past season including a1.31 against lefties. Pirates also get one of the best bullpen prospects in the game in Hembee and is soon to be major league ready.