Peavy Signs Extenstion with Padres

Updating the previous story, it looks like Jake Peavy will be a Padre for a long time to come. On Wednesday, the Padres announced that the 2007 National League Cy Young Award winner will be getting a $51.9 million contract extension through the 2012 season, including a club option for the 2013 season.

The Padres and Peavy’s agent, Barry Axelrod, agreed to the deal a week ago in Nashville, Tennessee, where the Winter Meetings took place.

According to the San Diego Union-Tribune, Peavy had an MRI exam on his right shoulder Tuesday as part of the physical, which he passed.

Peavy’s contract extension, which will run through the 2012 season and will include a club option for the 2013 season, is the largest in franchise history, by far greater than the four-year, $34 million contract Phil Nevin signed in 2001.

Because Peavy won the Cy Young Award, Peavy’s 2009 club option jumped from $8 million to $11 million. He will make $15 million in 2010, $16 million in 2011, and $17 million in 2012. If the Padres decline his $22 million option for 2013, Peavy will get a $4 million buyout. Peavy is slated to make big bucks, that’s for sure. His salary of $17 million in 2012 will be one of the highest in MLB, and certainly one of the highest for a pitcher. And a $22 million option in 2013 is pretty crazy; a $4 million buyout is pretty nice, too. Not to mention that in the upcoming years, Peavy has a full no-trade clause for 2010, may block trades to 14 clubs in 2011, and 8 clubs in 2012.

Peavy is currently in a four-year, $14.5 million contract with the Padres. This is a player who made just $750,000 in 2005 and only $2.5 million in 2006. In 2008, Peavy is slated to make $6 million.

“I think it sends a great message to everybody in San Diego, and I think it’s a great indicator of Jake’s willingness to stay, of the Padres’ commitment to keeping our core players,” manager Bud Black said during the Winter Meetings.

I think this is great news for Peavy and the city of San Diego. Peavy is a phenomenal player, and he is one of the best pitchers in the game. If you’ve never had the chance to watch Peavy in person, I think it should be on your to-do list. If you’re ever in San Diego during the baseball season, certainly check out PETCO Park; I think it is one of the most gorgeous stadiums in the country.

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~ by mlb2007playoffs on December 12, 2007.

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