I don't think the comp pick was the problem, rather teams saw him at best as a 2 WAR per year pitchers, so they were probably offering 3 years at $39-42M.
One year at $17M means the next two years only have to garner $22-25M to make the gamble worthwhile for Hellickson.
His 3 years with the Rays he only averaged 1.5 WAR, then had two offseasons, so teams probably think his 3.2 WAR last season was a fluke.
If he starts 30 games, puts up a FIP in the low 4s and 1.5 to 2.0 WAR, he'll get at least $22M for two years.
If he repeats last year's performance, he'll get 3 years for $45M to $54M.
So the only downside is if his arm falls off or his changeup goes south.