Santana Pronounced Fit, Deal Finalized

by Eric Simon on Feb 2, 2008 3:11 PM EST in Transactions

Per Mets.com, Johan Santana passed his physical today, making official the deal that he and the Mets reached around 6:30pm Friday night. The Mets will make an official announcement at 4:30pm today.

According to the Mets.com report, the two sides agreed to dissolve the remaining year on Santana's current deal with the Twins that would have paid him $13.25 million in 2008. Santana will be guaranteed $137.5 million for six years -- 2008 through 2013 -- and the Mets have an option for 2014 with a $5.5 million buyout. We don't know the value of the option year right now, but the buyout is considered guaranteed money, so it sounds like the six years will be worth $132 million, or $22 million per season on average. The AAV (average annual value) would exceed the $18 million average that Barry Zito's deal -- signed last offseason with the Giants -- will pay him over seven seasons.

Marty Noble also indicates that some portion of the contract is deferred, reducing the present-day value of the deal.

Also, woot! Santana's a Met!

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Opening Day

Eric-does Johan get opening day or is it Pedro's out of respect? I think Pedro gets it if he wants it.

Hopefully the Mets will skip the 5th starter the first week of the season so we get either Pedro or Johan on April 6th here in Atlanta.

by whynot on Feb 3, 2008 9:55 AM EST 0 recs

Option

I believe the option year if exercised is $25.5 million, making the additional cost $20 million. It's also a vesting option largely based on innings pitched and Cy Young finishes according to "http://www.nytimes.com/2008/02/03/sports/baseball/03mets.html?_r=1&ref=sports&oref=slogin" the NYT : "That option, which was added Friday, can vest and become a player option if Santana either throws 215 innings in 2013 or averages 210 innings over the last two or three years and is on the active roster in September 2013. Or, it kicks in if he wins one Cy Young award while finishing in the top three in another year, or if he finishes in the top three in three years."

Basically, if he pitches enough and/or well enough for it to vest he will probably decline it and declare free agency given the rate of salary inflation, unless he vests it in the next two years with a Cy and a top three finish and then falls off the earth.

by OronosFemur on Feb 4, 2008 9:40 PM EST 0 recs