Monday, April 1, 2013

San Francisco Giants sign catcher Buster Posey to historic $167 million contract

Top baseball players are still raking in the big bucks and the trend continued on March 29 when the San Francisco Giants announced they had signed Buster Posey to an eight-year extension valued at a total of $167 million. The catcher is now on the receiving end of the franchise’s best-ever deal. Reports said the contract includes a no-trade provision and it comes with an option for the club in 2022. Posey was currently under contract for this season.

The player said he’s thrilled to know that he’ll remain with the Giants for nine more years and can’t wait for opening day to arrive. Since the contract will technically cover the 2013 season it is actually nine years in length. This is the longest-ever contract for a baseball catcher and comes in second in total money. Joe Mauer of the Minnesota Twins is ranked number one on the list of best-paid catchers as he signed a $184 million eight-year extension back in 2010. The previous richest contract handed out by the Giants organization was the $127.5 million given to right-handed pitcher Matt Cain over six years.

The 26-year-old Posey was in a great bargaining position as he came off of a tremendous 2012 season. He batted for a National league-leading .336 average last year and belted 24 home runs along with 103 RBIs. He wasn’t done there though as he helped San Francisco win the World Series for the second time in the past three years and also took home the Most Valuable Player award in the National League. Posey was named the National League’s rookie of the year in 2010, when the Giants also captured the World Series.

Posey was the first catcher to earn the National League’s MVP Award in 40 years and the first to take the league’s batting crown in 70 years. In addition, only two other catchers in Major League Baseball history have won a World Series and the MVP Award during the same season. The famous Yogi Berra did it with the New York Yankees in 1951 and Roy Campanella achieved the feat with the 1955 Brooklyn Dodgers team.  Both Berra and Campanella are members of the Hall of Fame.

Jeff Barry, Posey’s agent, said he and his client are extremely happy with the new deal because Posey has brought success to the Giants organization and vice versa, even though they’ve been together for just three seasons. He added that the timing was perfect because Posey and the club wanted to seal a new deal before opening day in Los Angeles on Monday April 1.

 Posey was already on the books for $8 million this season and will now receive an extra $7 million via a signing bonus while his salary has technically been reduced to $3 million this year. He’ll make $10.5 million next season, $16.5 million for his efforts in 2015 and then $20 million for 2016. Between the years 2017 and 2021 he’ll be paid $21.4 for each season. The Giants option in 2022 is for $22 million and there’s also a buyout clause of $3 million if they don’t exercise the option. Reports said that Posey will be donating $50,000 each year to various charities supported by the Giants.

Posey has hit the jackpot here since no other player has ever received this much guaranteed money after playing for just three years.

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