T.R. Sullivan, at MLB.com has this little tidbit for us:
A trade was close to being completed but the Rangers were reluctant to add another arbitration-eligible player. The Rangers were willing to do a trade if Arencibia was willing to agree to a contract that would have avoided arbitration.
So, it sounds like the Rangers wanted J.P, to take a contract that would have been far less than what he would have got in arbitration. JP, on the other hand, must have figured the Jays would have tendered him a contract. A miscalculation on his part. But, if he would have taken a deal with the Rangers, it would have guaranteed money.
Anyway, now the Rangers can negotiate a contract with him, I'm sure he'll be signing for a less than the $2.7 million he would have likely seen from arbitration.
There is question for you...give us your best guess for who will sign him and how much JP will be paid next season. I think the Rangers will offer him about $1 million to be their backup catcher and hope he remembers how to hit.