Just to clarify, Carmona was "locked up" till 2011 anyway. 2013 to be exact. The Indians essentially gave him a raise in the short term. From watching the presser, it was pretty clear that a financial security in the short term was more important to Fausto and his family than a potential big pay day down the road. His agent even admitted he might have sacrificed value as if Carmona keeps pitching like he has, he could have been looking at 8-10M during each of his arbitration years.
Nonetheless, his family (which comes from a poor area of the DR) is now taken care of. And If Fausto continues to pitch at Cy Young calibur levels, I expect Shapiro/Dolan to rework his contract down the road.