Dustin Pedroia and the Red Sox agree to extension

There’s been a common trend throughout Major League Baseball for teams to lock up their young talent early giving them more front loaded money in longer term deals, while effectively buying potential free agent years at a discount. This strategy allows a team to lock in young talent at reasonable annual dollar amounts over the long term. In Boston, you might say “they just “Nomar-ed” him into a long term deal”.

While most teams have taken this strategy against players they have a “high degree of confidence” will be above average players over the life of the deal (i.e. Evan Longoria or Troy Tulowitzki), the Red Sox have the luxury of extending such an offer to the reigning American League MVP, Dustin Pedroia.

Thanks to a six year, $40.5 million dollar contract extension that will be formally announced at a 3 pm press conference today, Dustin Pedroia will be manning second base at Fenway Park for the foreseeable future. The contract, which has been in negotiation since mid-August, includes both a $1.5 million dollar signing bonus and a club option for the seventh year at $11 million dollars ($500,000 team buyout). Details of the contract are as follows:

Signing bonus – $1.5 million

Base salaries
2009 – $1.5 million
2010 – $3.5 million
2011 – $5.5 million
2012 – $8 million
2013 – $10 million
2014 – $10 million

Club option
2015 – $11 million (or a $500,000 buyout)

Pedroia would have been eligible for free agency after the 2012 season. The Red Sox essentially buy out Pedroia’s arbitration eligible years at salary’s that, while low for an A.L. MVP, give Dustin short term financially security at higher rates than an arbiter might find. At the same time, the Red Sox lock Pedroia’s first three years of free agency at $31 million dollars.

Given the Red Sox policy of granting a no trade clause for players who have been with the club for eight seasons, Pedroia would see a no trade clause kicked in when/if the team picks up the 2015 club option.

While I fully expected this to be a priority for the Red Sox and Pedroia this off-season, I am a little surprised that Pedroia didn’t have more leverage. This contract is extremely similar to the overall seven year terms agreed to with Nomar Garciaparra after his rookie season.

Nomar’s Base salaries
1998 – $1.075 million
1999 – $1.4 million
2000 – $3.7 million
2001 – $7.25 million
2002 – $9 million
2003 – $11 million

2004 – $11.5 million

Total – Seven years, $45 million dollars

Clearly Pedroia got a few more dollars over that seven year stretch than Nomar, but with the average contract being so much higher I would consider these contracts very similar. I think that most Red Sox fans would consider Nomar’s contract one of Dan Duquette’s best moves over his tenure with the club. I have no reason to believe that Pedroia’s contract won’t be looked at in the same light in regards to Theo’s tenure at the club’s helm.

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Dustin Pedroia and the Red Sox agree to extension

Alan Draper

Alan Draper

Alan Draper