I think we sign whoever will commit to us first. We have a pronounced need there, and the bigger danger is that we can't get either PJ or Joe Smith or anyone we WANT to fill it. If we can sign Joe to a minimum (assuming he's bought out, though a trade looks most likely), sign him. If PJ say he wants to play, sign him. First come, first signed.
EDIT: Honestly though I guess I'd still rather have PJ, but not at the expense of waiting for him.