Since we're talking about Wells here (because I think he is the guy most impacted by this thread) I'll add this because we should always be solution oriented. Mackus mentioned this earlier about my approach, but I sort of believe your contract follows your heart and without being overly dramatic, I think success (in everything, not just baseball) flows from there....
My preference for Wells is a high-leverage, multi-inning power RP and spot-SP. Being able to close out close games with 2-4 innings or picking up spot starts and giving a chance to win is routinely important. Teams wind up with starters in that role in the Playoffs and it winds up being important even if not sexy. Would be in the 100-125 IP range.
Somewhere between Wells, Holt and Hyde, maybe you just make everything OK.
Elias solves this with a contract. Go into a contract like this valuing the role I described. Do 2024 at 3.5M with a 6.5M mutual option for 2025. The 3.5M is a 750k signing bonus, 2.5M in 2024 and a 250k buyout on the mutual option.
Wells actually doubles his 2023 salary which is big and the 3.5M guarantee for 2024 treats him more like he'd be a league average starter in arbitration and the mutual option is more starter than relief money. I'd be leveraging Tyler in that role for the next 2 years, then if he's not emerged as one of the starters for the 2025 rotation, he probably gets traded into a situation where he will more likely start.
Given all of the things the Orioles likely need to accomplish this year in terms of some limitations for GRod and Hall, Means return and some variability from guys like Bradish and Kremer, you need someone to really embrace the flex weapon role on the staff.