The Indians had a club option for 2011, but for quite a while that's been a moot point, since there was no point paying Peralta $7.0M in 2011 when they could be giving Jared Goedert or Andy Marte those at-bats. Jhonny's about as good a third baseman as he was a shortstop; in other words, his range is adequate, though he has an accurate arm and good hands. He's also been a durable player, appearing in at least 140 games each season since 2005. The problem is that his power has fallen off dramatically since the 2008 season; he slugged .375 last season, and it looks like he'll end 2010 around that mark. The Indians weren't going to pay $7M for that next year even if they didn't have some in-house replacements.
But, despite all that, I'm going to miss the big lug. He had some fantastic years as a supporting player in the mid-ouhgts, and probably would have been the 2007 ALCS MVP had a certain pitcher done his job. He was one of the most even-keeled players I've ever seen, always the same Jhonny whether he'd gone 4-for-4 or whether Eric Wedge had just ripped him in yesterday's press conference. He's been the same guy for all these years, not that outrageous splatter art on the wall, but a nice subdued table in the corner, something you don't notice until it's gone.
The Indians got for Peralta a skinny 6'3" teenage left-hander named Giovanni Soto, not to be confused the Cubs catcher named Geovany Soto. This Soto was picked in the 21st round of the 2009 draft, and even though he's only throwing his fastball in the high-80s is still missing bats in the low minors (8.3 SO/9 in the Midwest League). He's listed at 155(!) pounds, so you'd figure that he should be able to add some mphs to his fastball as he adds weight to his frame.