I think ARAM will end up taking his $16M option. No one is going to give him that much. That's ok because it's only one year. Hopefully, Vitters is ready to take over in 2013.
If they go with Wizz's plan to sign Aram for more than 2 years, then Vitters is trade bait, IMO.
But....they have to do something with Z first. That drives all other decisions, IMO. If you can dump 30% of his salary and Pena's $10M, that leaves room to work.