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!