The Detroit Tigers have agreed to an eight-year, $248 million extension with slugger Miguel Cabrera, according to major league sources. The $248 million, in addition to the $44 million that Cabrera will earn over the next two seasons, will guarantee that he earns $292 million over the next ten years, as MLB Daily Dish first reported.
As Jon Heyman of CBSSports.com reports, the deal also includes $30 million vesting options for 2024 and 2025 that could potentially push the total value of the deal to twelve years and $352 million. Heyman provides a complete breakdown of the contract:
Miggy breakdown: $28M in '16 and '17, $30M in '18, '19, '20 and '21, $32M in '22 and '23. $8M buyout on options. $248M— Jon Heyman (@JonHeymanCBS) March 31, 2014
Miggy '24 option for $30M may vest if MVP (1st thru 10th) in '23, '25 option for $30M may vest if MVP (1st thru 10th) in '24— Jon Heyman (@JonHeymanCBS) March 31, 2014
Miggy extras: 100K each AS election, BA/TSN/AP AS, GG and SS; 150K LCS MVP, 200K WS MVP; $2M MVP, 200K 2-5 MVP, 100K 6-10— Jon Heyman (@JonHeymanCBS) March 31, 2014
last Miggy: 50K for AS selection, 250K hank aaron award. and $1M for MVP AND hank aaron AND WS MVP all in same year #tigers— Jon Heyman (@JonHeymanCBS) March 31, 2014
After deciding to end extension talks with pitcher Max Scherzer last week after he reportedly rejected a six-year, $144 million offer from the team, the Tigers turned their attention to Cabrera, who is not a free agent until after the 2015 season. The sides have been talking since then, and now have come to terms on what appears to be one of the biggest contracts in baseball history.
The Tigers cleared payroll over the winter by trading Prince Fielder and Doug Fister in order to discuss extensions with Scherzer and Cabrera. Although it appears Scherzer will hit the free agent market after the season, the Tigers made sure to keep Cabrera in town through 2023, when he is 40 years old.
Cabrera's last deal was an eight-year, $152 million deal that he signed in 2008, meaning that he will earn $400 million over his 16 years with the Tigers. He has been the best hitter in baseball over the last two seasons, following up a Triple Crown year with another MVP award last season. He is a lifetime .321 hitter with 365 HR and 1260 RBI in eleven major league seasons with the Marlins (2003-2007) and Tigers (2008-2013).
Jon Heyman of CBSSports.com first reported that the sides were close and that a deal had been reached (via Twitter). Jon Morosi reported (via Twitter) that the deal was for eight years and approximately $248MM. ESPN.com's Jerry Crasnick reported that the deal would extend the total commitment to ten years and just under $300MM (links to Twitter)