Phillies-Zack Wheeler Contract Extension Makes History

Since the disappointing conclusion of the 2023 season, the Philadelphia Phillies organization expressed their desire to sign starting pitcher Zack Wheeler to a contract extension. In turn, Wheeler expressed his desire to remain in Philadelphia and receive a much-deserved raise. Both sides accomplished their objectives on Monday.

Wheeler, 33, and the Phillies have agreed to a 3-year/$126 million contract extension. The deal will keep Wheeler in Philadelphia through the 2027 MLB season.

The Wheels are still rolling in Philly pic.twitter.com/dR53ZnaqjQ

— Philadelphia Phillies (@Phillies) March 4, 2024

The $42 million annual average value of the contract extension is the richest contract extension based on AAV in baseball history. Moreover, the contract extension is extremely team friendly and includes no opt-outs. Unlike traditional contract extensions which override some of a players existing contract, Wheeler’s extension will not kick in until after the 2024 MLB season.

The Phillies to pay Wheeler for the final year of his original contract signed with the team, a 5-year/$118 million signed prior to the 2020 MLB season. That means Wheeler will only be paid $23.5 million for the 2024 MLB season. The lower AAV for 2024 allows the Phillies to avoid more competitive balance tax payments and allow for flexibility to sign other free agents or assume payroll at the trade deadline.

Wheeler has been the ace of the Phillies’ pitching staff since his arrival prior to 2020 compiling a 43-25 record with a 3.06 ERA, 675 K’s, and a 1.055 WHIP in 629.1 innings pitched. A 2021 National League All-Star representative, Wheeler finished as a finalist for the Cy Young Award that same season. Wheeler’s next regular season win with the Phillies will match his win total as a member of the New York Mets and will come with one less season under his belt.

As impressive as his regular season stats have been, Wheeler’s postseason stats have been more impressive. Wheeler is 4-3 with a 2.42 ERA, 68 K’s, and a 0.726 WHIP in 11 playoff starts for the Phillies including an incredible 3-0 with a 1.63 ERA in five National League Championship Series starts. In short, he has been everything the Philadelphia front office has expected him to be.

Wheeler and the Phillies begin the 2024 MLB season on Thursday, March 28 against NL East rivals the Atlanta Braves. While Wheeler has not been named the Opening Day starter, chances are he will be on the mound for the 3:05 PM first pitch from a raucous Citizens Bank Park in South Philadelphia.

MLB Overall AAV Rankings: Where Zack Wheeler Stands After His Contract Extension

Tied 10. LAA 3B Anthony Rendon | $35 million

Tied 10. WSH SP Stephen Strasburg | $35 million

8. LAA OF Mike Trout | $35.56 million

7. NYY SP Gerritt Cole | $36 million

6. TEX SP Jacob deGrom | $37 million

5. NYY OF Aaron Judge | $40 million

4. PHI SP Zack Wheeler | $42 million

Tied 2. TEX SP Max Scherzer | $43.33 million

Tied 2. HOU SP Justin Verlander | $43.33 million

1. LAD SP/DH Shohei Ohtani | $70 million

Probably the best, most underrated moment of Zack Wheeler’s Phillies career so far.

A complete-game shutout to sweep out his former team on the day Roy Halladay’s number was retired. pic.twitter.com/iB7teHPDo4

— Luke Arcaini (@ArcainiLuke) March 4, 2024

MLB Starting Pitcher AAV Rankings: Where Zack Wheeler Stands Amongst His Contemporaries

10. NYY SP Carlos Rendon | $27 million

9. LAD SP Yoshinobu Yamamoto | $27.08 million

8. LAD SP Tyler Glasnow | $27.3 million

7. WSH SP Stephen Strasburg | $35 million

6. NYY SP Gerrit Cole | $36 million

5, TEX SP Jacob deGrom | $37 million

4. PHI SP Zack Wheeler | $42 million

Tied 2. TEX SP Max Scherzer | $43.33 million

Tied 2. HOU SP Justin Verlander | $43.33 million

1. LAD SP/DH Shohei Ohtani | $70 million

“I wouldn’t want to be anywhere else, especially pitching in October at Citizens Bank.” ❤️

— Zack Wheeler pic.twitter.com/EMonS71Y3i

— SPORTSRADIO 94WIP (@SportsRadioWIP) March 4, 2024

Zack Wheeler 2024 Projections