According to "sources," Reyes was willing to give the Mets a "hometown discount" -- from the NY Daily News:
http://www.nydailynews.com/blogs/mets/2012/03/dont-listen-to-david-samson-reyes-was-open-to-five-year-deal-from-mets "When Miami Marlins president David Samson said Tuesday that Jose Reyes was after every dollar in free agency, that seemed to contradict the shortstop’s December complaint that the Mets “didn’t want me,” and other statements about his affection for New York and the Mets.
"He said, 'I really want to play in Miami as long as you pay me $1 more than anyone else," Samson said to a group of Miami business leaders. "‘I really want to make the most money I can.’”
But people close to Reyes have long insisted that was not the case. According to sources, Reyes would have strongly considered a somewhat smaller deal from the Mets, both in years and dollars, and was shocked when his longtime team did not make an offer."
But then Jose signed with the Marlins in a big effin' hurry, never giving the Mets the time or opportunity to put together a counter offer.
As for "When you have one of the top players in the game, you lock him up," I think the Mets were correct to hesitate to do that with a guy who missed 40% of the team's games in the previous couple of seasons. 28 other teams didn't chase after Jose either.