In Ervin Santana's defense, as someone who literally studied every individual over/under pitching matchup in baseball this year on a daily basis, he was completely unexpectedly one of the most consistent pitchers in all of baseball. If you glance through his game log, you'd be amazed at how remarkably consistent he was. If this wasn't Mariano Rivera's year, Santana probably easily wins AL Comeback Player of the Year. He was terrific all season for them and a main reason why they made that surge in the middle of the year and contended as deep as they did.
But does he deserve that contract? No. Odds are he peaked at his highest possible point in 2013, so to see him duplicate that exact performance would be very unlikely in 2014, let alone over the next five years. But the guy definitely deserves a lot of credit for his 2013 campaign and the strings of quality starts he put together. Can't blame him for trying to get that type of deal and maybe attracting a sucker or two in.
As for Ricky Nolasco, he's even less deserving. Great after the Dodgers acquired him? Yes... but then he stumbled down the stretch in his last four or so starts and even struggled in his only postseason start (Didn't go beyond four innings. Got royally SCREWED on the over of that game of Nolasco vs Lynn, I distinctly remember)... that's going to cost him the big bucks he desires.