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Interweb: AP: Glavine, Mets Restructure Contract

According to the Associated Press, the Mets have restructured Tom Glavine's contract to reduce his 2006 salary while adding an option for 2007.

Glavine had been due to make $10.5 million this year, of which $5.25 million was to be deferred at 6 percent interest.

Under the new deal, which the Mets confirmed Monday, Glavine's salary this year is reduced to $7.5 million, of which $2.25 million is payable during the season, with the rest deferred at 6 percent.

The new contract contains a 2007 player option at $5.5 million and a $12 million team option, both with a $3 million buyout. The player option would increase by $1 million each for 180, 190 and 200 innings this year, and the team option would increase by $2 million if he throws 180 innings this year.

If either option is exercised, and Glavine's 2007 salary is less than $14 million, he could have performance bonuses that would raise his earnings that year to $14 million.

Short term, the Mets save $3 million in 2006, which is reciprocated in the form of a buyout in 2007 if neither of Glavine's options are exercised. Keeping Glavine around for another season would almost assure that he collects his 300th win in a Mets uniform.