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Wins Above Replacement Player is Prospectus' attempt at capturing a player' total value. This means considering playing time, position, batting, baserunning, and defense for batters, and role, innings pitched, and quality of performance for pitchers.
Perhaps no sabermetric theory is more abstract than that of the replacement-level player. Essentially, replacement-level players are of a caliber so low that they are always available in the minor leagues because the players are well below major-league average. Prospectus' definition of replacement level contends that a team full of such players would win a little over 50 games. This is a notable increase in replacement level from previous editions of Wins Above Replacement Player.
Here is an example of the Wins Above Replacement Player spectrum based on the 2011 season:
Excellent - Jose Bautista 10.3
Great - Hunter Pence 5.2
Average -Gaby Sanchez 2.0
Poor - Adam Lind 0.5
Horrendous - Adam Dunn -1.7
WARP components can be found in this article, which also describes 2015 changes to FRAA: http://www.baseballprospectus.com/article.php?articleid=27944
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