[seedofvengeance]

You can't send him down to the minors, he's too big of an investment and you just have to hope he comes around. Also I think there's a rule about someone who's been in the majors that long being sent down... not sure, though.
No trade... no one is taking that contract on.
No release, you still pay his contract.
Basically get used to a +5 ERA and 83 MPH fastballs for a while now. Just hope you get enough pitching to move him to No. 4 or 5 starter. He's lost it and you just have to hope he gets it back.

If it was me, I'd stick him on the 60 day DL for some stupid arm reason. Give him time to work with a pitching coach one on one for a while to see if they can work out whatever is wrong, that way he doesn't hurt the team while he goes through it.