Found March 29, 2013 on
San Francisco Giants
Los Angeles Dodgers
St. Louis Cardinals
After leading their teams to last year's World Series, Justin Verlander and Buster Posey cashed in just hours apart Friday.
The All-Star pitcher and MVP catcher were guaranteed nearly $350 million in contracts by the Tigers and Giants, a sure sign of the baseball times: Teams are awash with revenue from television and high-priced tickets.
Verlander, an AL MVP and Cy Young Award winner for Detroit, agreed to a $180 million, seven-year deal with the Tigers that is the richest for a pitcher and prevents him from becoming a free agent after the 2014 season.
Posey, the batting champion who led San Francisco to a pair of World Series titles in the last three years, received $167 million, nine-year deal from the Giants. The catcher could not have gone on the market until after the 2016 season.
''Contracts like that that you're seeing are a product of really strong revenue growth in the industry,'' said Rob Manfred, Major League Baseball's executive vice president of economics and league affairs.
And the spending might not be done yet.
Clayton Kershaw, who can go free after the 2014 season, could get a new deal from the Los Angeles Dodgers. The 2011 NL Cy Young winner said he won't talk contract during the season; the Dodgers would want to hold off announcing any agreement until after opening day so that it would not add to their 2013 luxury tax bill.
Where is all the money coming from?
Baseball Commissioner Bud Selig expects revenue to top $8 billion for the first time this year.
''It's quite a story when you think back in 1992 it was $1.2 billion,'' he said this week. ''We've come a long way. It's a manifestation of how popular this sport is in every way.''
MLB last year agreed to eight-year contracts with News Corp's Fox and with Turner Sports that run from 2014-21 and increase average annual revenue from about $500 million to roughly $800 million. ESPN and MLB reached a deal covering 2014-21 that hikes the average yearly payment from about $360 million to approximately $700 million.
And then there are big-money local deals. The Dodgers are creating a cable network with Time Warner Cable that assures the team more than $7 billion over 25 years. News Corp. is paying the Yankees' owners $500 million as part of a deal that could allow it up to 80 percent ownership of the YES Network.
Teams are rushing to lock up prized players. Earlier this week, St. Louis gave pitcher Adam Wainwright, a $97.5 million deal covering 2014-18 that raises his guaranteed income to $109.5 million over the next six seasons.
At a lower level, Arizona is nearing agreement with Paul Goldschmidt on a $32 million, five-year contract that would run from 2014-18. The first baseman has less than 1 1/2 years in the big leagues.
Verlander's deal broke the standard for pitchers set just a month earlier when Seattle's Felix Hernandez agreed to a $175 million, seven-year contract. The 30-year-old right-hander didn't feel a need to wait two seasons, become a free agent and find out how much baseball's biggest spenders would offer.
''I wondered what it would be like to test free agency, but the pull of Detroit was too much,'' he said. ''Once spring training started I knew I wanted to stay.''
Verlander's deal keeps his $20 million salaries for each of the next two seasons and adds $140 million in guaranteed money: $28 million each season from 2015-19. It includes a $22 million option for 2020 that would become guaranteed if he finishes among the top five in 2019 Cy Young voting. The deal could be worth $202 million over eight seasons.
Posey's deal includes a club option for 2022 that could raise the value to $186 million over a decade.
He had been due to make $8 million this year. Instead, the 26-year-old gets a $7 million signing bonus, with $5 million payable Oct. 15 and the remainder Jan. 15, and his 2013 salary is reduced to $3 million.
He will make $10.5 million in 2014, $16.5 million in 2015, $20 million in 2016 and $21.4 million in each of the following five seasons. The Giants' option is for $22 million with a $3 million buyout.
AP Baseball Writer Janie McCauley in San Francisco and AP freelance writer Jeff Berlinicke in Lakeland, Fla., contributed to this report.
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AROUND THE WEB
The Tigers and Giants each made a significant investment on Friday. Each deal was monumental, and each was necessary.
The Tigers signed Justin Verlander to a five-year contract extension that will take him through the 2019 season. The right-hander reportedly will earn $180 million over the next seven seasons, and a $22 million vesting option for the 2020 season could bring the total...
The Detroit Tigers and pitcher Justin Verlander have agreed to a seven-year $180 million deal. The vesting option for an eight year could bring the total to $220 million according to the Detroit Free Press.
Verlander had two years and $40 million remaining on his current deal.
“Justin is one of the premier pitchers in baseball, and we are thrilled to keep him in a Tigers uniform...
Justin Verlander will be a part of the Detroit Tigers’ pitching staff through at least the 2019 season. That much is certain after Verlander signed a five-year extension, with an option for a sixth season, that could keep Verlander in the Motor City through 2020.
The deal reportedly is worth $140 million over those five extra years; the vesting-option year carries an additional...
Just announced, Justin Verlander has signed a 5 year and 180 million dollar extension with the Detroit Tigers, keeping him in a Detroit uniform until at least 2019. The deal includes a vesting option for 202o which could make the deal worth up to 202 million. The conditions of the vesting option are yet to be announced. This makes Verlander the highest paid pitcher in baseball history...
The San Francisco Giants and the 2012 NL MVP, Buster Posey just inked an eight year contract extension worth $167 million contract to continue to orchestrate behind the plate. The Giants gave the highest contract ever to their two-time World Series champ which also included a no-trade clause according to Jon Heyman of CBSSports.com. This contract is the longest in years...
It was a good Friday, indeed.
Justin Verlander signed a contract extension through 2019 that could vest to include 2020. It will allow him to buy another Aston Martin or two or 20, a small island, his own golf course or a mansion for every member of his family.
Verlander has the richest contract ever given a pitcher and will collect either 180 million or 202 million by the time...
Detroit Tigers ace starting pitcher Justin Verlander signed a five-year extension on Friday that could be worth up to $202 million through 2020.
Verlander’s five year deal is worth $140 million which will keep him in Detroit through 2019. The contract also includes a one-year vesting agreement for 2020 that is worth $22 million.
Combined with the 40 million Verlander is still owed...
Credit: Steven Robles – SF Giants Rumors
The San Francisco Giants have announced that they’ve extended GM Brian Sabean and manager Bruce Bochy‘s contracts through 2016, and have options for 2017. It’s nice to see the team taking care of their GM and manager after winning two World Series in a three year span.
Jon Heyman of CBSSports.com reported earlier that the Giants and...
Felix Hernandez wasn't the highest-paid pitcher in baseball history for very long.
Justin Verlander signed a five-year contract extension with the Detroit Tigers Friday that will give him that distinction.
Verlander's new deal includes a $28 million annual salary beginning with the 2015 season, multiple sources confirmed to FOXSports.com. On top of his preexisting deal...
We are just one day removed from the commencement of the 2013 Major League Baseball season opener, and with it there’s a lot of questions to be answered.
Some big movements have already transpired just days before the first pitch is due to be thrown out–the mammoth contracts given to Verlander and Buster Posey, Baseball’s move to sue the Miami biogenesis clinic which...
Tweet Shortly after news broke that Justin Verlander received the biggest contract ever for a pitcher, it has been revealed that San Francisco Giants catcher Buster Posey would be setting the standard for MVP-caliber catchers: Posey gets nine years, $167 million, starting in 2013. — Buster Olney (@Buster_ESPN) March 29, 2013 Buster’s deal includes a [...]
Batter up? More like bundle up.
The Detroit Tigers open the season on Monday in frosty Minnesota, where forecasts call for temperature in the low 30s at game time at outdoor Target Field. The wind chill is expected to be around 20 degrees. So the Tigers will need all the heat they can get from Justin Verlander's 100 mph fastballs.
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