The Mets gave Johan Santana a total package of seven years and $150.75 million. That’s an average annual value of $21.5 million.
Santana was signed for $13.25 million this season. He will receive a $7 million signing bonus then a six-year guaranteed extension worth $137.5 million. No word yet on the year-by-year breakdown. But it’s the average annual value that matters.
The deal shatters the previous benchmarks for pitchers.
Barry Zito received seven years and $126 million from the Giants while Carlos Zambrano has an average annual value of $18.3 million in his deal with the Cubs.
Prospects aside, this contract why the Yankees didn’t sign him. The Yankees are over the luxury tax limit, so Santana would have cost them a $20.25 million in 2008 plus a 40-percent penalty. He’s good. But is he worth $28 million a year?