You've left off a lot of important info, starting with whether this is a TRAD or RT league. In a TRAD league, the guy is not worth worrying about because you only know for sure that he has a bum year, and it not likely to ever be a great player.

In a RT league, there are still a lot of variables. For example, maybe this happens to be a speed guy who purposely tried to cut down his swing in 03 - and successfully upped his OBP to .350, but then had a foot injury that ended his season very early. Now he's back and healthy. Such a guy is a valuable lead-off hitter. He would be more valuable to me than any FA pick, or any but the top rookie picks, and more than Loretta. He's still not a star, but valuable.