Phillies Re-Sign Cole Hamels To Six-Year Deal

PHOENIX, AZ - APRIL 25: Starting pitcher Cole Hamels #35 of the Philadelphia Phillies watches from the dugout during the MLB game against the Arizona Diamondbacks at Chase Field on April 25, 2012 in Phoenix, Arizona. (Photo by Christian Petersen/Getty Images)

UPDATE 7/25 10:06 AM EST: The Phillies have officially announced the Hamels' extension, which includes a vesting/club option and limited no-trade provision, reports Todd Zolecki of MLB.com:

UPDATE 7/25 7:40 AM EST: The contract extension includes a vesting option for a seventh year that brings the deal upwards of $160 million, reports Bob Nightengale of USA Today.

UPDATE 7/25 7:00 AM EST: The Hamels deal is for six years, $144 million, reports Jon Heyman of CBS Sports. If the money is spread evenly over the six years of the deal, it comes out to an average annual value of $24 million.

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UPDATE 7/25 6:20 AM EST: The Hamels deal is worth more $140 million over six years, reports Buster Olney of ESPN.com.

Hamels' absolutely massive contract with the Phillies is expected to be announced later today as his agent makes his way back to Philadelphia, reports Scott Miller of CBS Sports.

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Original Story 7/24: Philadelphia Phillies left-handed starting pitcher Cole Hamels will be remaining with the only team he's been a part of, writes Ken Rosenthal of FOX Sports. Hamels is close to signing a contract extension that will give him the second largest deal ever for a starting pitcher, trailing only CC Sabathia's deal with the New York Yankees.

Cole Hamels will remain with the Philadelphia Phillies. The left-hander is close to completing a six-year contract extension for more than $137.5 million, according to major-league sources.

Hamels, 28, had his career year last season but will be cashing in this winter. The San Diego native has posted a 3.23 ERA across 133 2/3 innings of work, while striking out nearly 9 batters to 2.2 walks per 9 innings. If Hamels became a free-agent this off-season, the Los Angeles Dodgers were expected to be one of the other teams pursuing the three-time All-Star.

This deal will end any speculation of a possible Hamels trade and irrefutably make Milwaukee Brewers right-handed starter Zack Greinke the top chip on the trade block. Not only are the Brewers winners in this, but the Tampa Bay Rays and Miami Marlins are gleaming as well.

The Phillies' signing of Hamels, however, should increase the demand not only for Greinke, but other available starting pitchers such as Tampa Bays right-hander James Shields and Miami Marlins righty Josh Johnson.

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