Cano's salary is overpriced. My ratings have him at 9.53M.
If Cruz were used in the right field, I would estimate his salary at 4.56M---so a 5M could make sense, but since he's most likely to be used as a dh, I estimate that a salary that would better reflect his value would be 5.81M. So Cruz is likely underpaid for his value.
So the 5M difference is indeed exaggerated if Cruz is played dh. My own difference between them is that it should be around 3.8M.
Here's how it breaks down.
Cano 33D 39HR .298/.350/.533
Cruz 27D 43HR .287/.360/.555
These raw numbers suggest that Cruz should have a better offensive card (especially since both played in the same stadium), and indeed I think that Cruz has a better offensive card than Cano, at least against a traditional lhp-rhp balance. My own appreciation of the difference is that Cruz has a better offensive card than Cano by about 0.7M. Running is virutally identical so it's not a factor.
This said, Cano is a lefty bat and Cruz a righty bat. A small adjustment must account for the fact that usually pitchers allow a bit more against left-handed hitters than right-handed hitters. I estimate that adjustment to 0.3M in favour of Cano.
Cano also has a better injury profile (Cruz can be hurt 3 days; Cano only for the rest of the game), and that profile also accounts for roughly 0.3M considering the value of Cano.
Thus, before defense is considered, I have Cruz and Cano pretty much on par.
The way I make my own calculations, I estimate that Cano will save 23 runs compared to a baseline second baseman that I set arbitrary at 3e0. 23 runs is roughly worth 2.6M.
If Cruz were to play rf, his defense would cost his team 21 runs, that's worth roughly 2.3M.
2.6M + 2.3M, and you're pretty damn close to 5M.
If I were to set my baseline to a lower level, say a 2b with a 3e21 field rating, then Cano's defense would be worth 3.7M rather than 2.6M.The logic here is to set a very low baseline, but still "usable" in the field.
Now, a dh does not play in the field. So, should we compare him to a 3e0 baseline? or to a 3e21 2b baseline---which would be similar to a 3e14 lf considering the higher cost of errors in the outfield?
There is something arbitrary. I decided that dh should be compared with the lower baseline level, so my own appreciation is then that the relative value of Cano's fielding compared to Cruz should be 3.7M, and not 2.6M. In either case, we're pretty far from 5M.