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.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.
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.