2009 Offseason: Pedroia signs 6-year extension

It was announced today that Dustin Pedroia signed a 6-year deal with the Red Sox worth $40.5M. The deal locks him in until 2014, two years beyond his free agency-eligibility year, and includes a team option for 2015 (which is voided in the event of a trade). Pedey is thrilled with the contract, and understandably so. Pretty heady stuff for the 5-9 (wink, wink) second baseman, who’s already been an All-Star and won Rookie of the Year, a Silver Slugger, a Gold Glove and AL MVP awards. It’s hard to believe that the guy has yet to reach his prime years, and there’s a lot of good baseball left to come from him. Here’s the money breakdown:

$1.5M signing bonus
2009: $1.5M
2010: $3.5M
2011: $5.5M
2012: $8M
2013: $10M
2014: $10M ($2M 2nd and 3rd MVP bonus; $1M for 2nd/3rd place finish)
2015: $11M team option with a $500k buyout ($2M 2nd and 3rd MVP bonus; $1M for 2nd/3rd place finish)

Pedroia did leave a good deal of money on the table to stay in Boston. This should endear him to Red Sox Nation even more. After 2011, this money will look like chump change compared to what free agents are getting. Orlando Hudson is expected to sign for around $10M/year this offseason. And he could still get better as a hitter, though I expect some regression next season. Probably a great bargain for the Red Sox, and Pedey can just focus on baseball for the next six years, at least.

Joe Mauer was a somewhat comparable hitter by talent level at age 24, and his annual salaries looked like this in years 3-5:

Y3: $400k
Y4: $3.75M
Y5: $6.25M

And that’s on the cost-conscious Twins. Epstein has gone on record saying that there are other young players he’d like to sign to extensions. Jon Lester is one name who comes to mind, though as a GM you don’t want to negotiate prematurely after the kind of season Lester had. Clearly Jonathan Papelbon is on the radar, but his balky shoulder will keep the Sox from offering anything near this many years. Kevin Youkilis is also a possibility, though I don’t see the Sox signing him much beyond his arbitration years.


One Response to 2009 Offseason: Pedroia signs 6-year extension

  1. redsoxtalk says:

    Other comparable contracts include David Wright, Pat Burrell, Ryan Braun and Robinson Cano.

    Depending on who you read, people are estimating that Pedey left between $15M-$30M on the table to sign with the Sox long-term. A businessman, he ain’t; but a Red Sox legend he will be.

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