Sabean and Bochy are linked deals again, sounds like the Giants torn up the current contract covering 2013-14 and gave them a new contract covering the next four seasons. Rumor has it that they are getting somewhere in the $4M range, like another top baseball exec. Well deserved for a job well done (twice! at least...).
Posey got a 8-year contract extension tacked onto his current contract, which appears to have been torn up, for $167M (it is an odd contract like Cain which includes his current contract for 2013 plus the 8 years, so technically this is a 9 year contract). Here is the link where I got my news on this, from Haft.
It covers his remaining three arbitration years plus five years of free agency, plus full no-trade provision, so he's here to 2021. There is also a club option for 2022. Posey: "I'm thrilled." Because this year was included, it is considered the longest contract for a catcher ever, beating out Mauer's 8-year deal, but short of Mauer's $184M contract value. But Mauer's did not include any arbitration years, Posey does.
Here are the gory financial details:
Posey will receive a $7 million signing bonus, according to the source. Having previously settled for $8 million this year, Posey now will receive $3 million in 2013, $10.5 million in '14, $16.5 million in '15, $20 million in '16 and $21.4 million per year from 2017-21. The 2022 club option is worth $22 million, with a $3 million buyout. Posey also will contribute $50,000 per year to Giants charities.
The Giants' commitment to Posey is nothing short of historic. It's a record guarantee for a player with fewer than three years of service time. Colorado outfielder Carlos Gonzalez set the previous standard with his seven-year, $80 million contract. It's also the biggest financial obligation to a player with fewer than four years' service time, exceeding the $151.45 million Colorado committed to first baseman Todd Helton for 11 years.Analyzing the three arbitration years, using the 40%/60%/80% of market value rule of thumb, that works out roughly to valuing Posey at $26.25M market rate. But then we get his free agent years at a lower "market rate", so it appears that the Giants front-loaded the contract on a relative market rate basis.