The Cardinals finalized their three-year, $75M contract with Sonny Gray on Monday. It came with a club option for the 2027 season which reports had pegged at $30M with a $5M buyout.
That deal is heavily backloaded. As reported by the Associated Press, Gray is set for a modest $10M salary in 2024. He’ll make $25M in ’25 and $35M in the final guaranteed season, with the buyout bringing the guarantee to $75M.
The ’27 option is not strictly a team provision; if the Cardinals exercise the option, Gray would have the right to opt-out — although he’d forfeit the buyout to do so. If St. Louis declined the option, the buyout would be paid in $1M installments between 2027-31. Gray also receives full no-trade protection, per the AP.
In the short term, the backloaded nature of the deal might be most meaningful for the organization. Had the contract been paid out fairly evenly, the team’s 2024 commitments would have jumped into the $190M+ range. With the relatively low sum for 2024, Roster Resource projects the Cards’ player spending for next season around $180M.
St. Louis opened the 2023 season with a payroll of around $177M, as calculated by Cot’s Baseball Contracts. President of baseball operations John Mozeliak indicated at the beginning of the offseason that the club figured to remain in that general area for next season. There still might not be a ton of remaining spending room, although the signings of Gray, Kyle Gibson and Lance Lynn have checked off the team’s primary goal of adding three starting pitchers.
They’re also looking to add to the bullpen but could accomplish that via trade and/or free some payroll capacity by trading a veteran player. Tyler O’Neill (projected by MLBTR contributor Matt Swartz for a $5.5M salary) and Dylan Carlson (projected at $1.8M) are each in arbitration. Steven Matz, due successive $12.5M salaries for the next two seasons, was pushed into the No. 5 spot in the rotation and could potentially be a trade candidate if St. Louis felt confident in any of their younger arms to take a step forward.
The AP also provides specifics on Gibson’s contract. Initially reported as a $12M guarantee, it’s actually a $13MM deal. Gibson will make a $12M salary next season and is ensured at least a $1M buyout on a $12M team option for 2025. The righty would receive a $1M assignment bonus if traded and would lock in a $500K incentive for reaching 175 innings in either year of the contract.
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