It's interesting, the writers all think the Phillies will still let him go, maybe re-sign him on the cheap instead of for $11.5, but that is probably wrong, even if you presume lower market value and other teams not wanting to touch him.
He's not a free agent, so if they bought him out and tendered him they surely wouldn't save any money (buyout is $2.5 million and he makes $10 million now so even if he took a $1 million pay cut that's the same as the option).
And if they non-tendered and re-signed him for $7 or or 8 million they would be saving cash but raising his AAV.
It was a very good contract for the Phillies, had he stayed in the line-up all along, and between the buyouts and the relatively modest $ (compared to the likes of Cutch and even Didi), it still is.