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CC Sabathia is staying with the New York Yankees.
Sabathia, who had until midnight Monday to opt out of his existing deal, announced in a video that he and the Yankees have come to terms on a contract extension that will keep the husky left-handed ace from exercising his opt-out clause and testing free agency.
"My goal the whole time was to be able to finish my career as a Yankee," Sabathia said in a video posted on Twitter. "I look forward to seeing everybody out at the ballpark next year."
The total deal is for five years and $122 million, which is instead of the four years and $92 million remaining on his original contract. Sabathia, 31, will be paid $25 million in 2016, which is the final year of the new contract, the source said. The deal contains a vesting option for $25 million in 2017 with a $5-million buyout solely on the condition of his shoulder since the Yankees have some concern about a pre-condition. Sabathia, who also retains a hotel suite on trips, a no-trade provision and the right to buy tickets, will qualify for the vesting option as long as he spends less than 45 days on the disabled list with a shoulder injury in 2016.
In the end, the Yankees added one year and $30 million to Sabathia's contract to avoid the opt-out clause.
Terms of the deal were first reported by ESPN The Magazine's Buster Olney.
"CC is the ace of our pitching staff, a leader in our clubhouse and a driving force for the Yankees in our community," Yankees senior vice president and general manager Brian Cashman said in a statement released by the team. "He is exactly the type player and person that Yankees fans and this organization can be proud of. We are excited that he will be wearing the pinstripes for many years to come."
Both sides clearly worked hard to avert an opt-out, with Yankees general manager Brian Cashman going underground for the weekend, unavailable to the media since last Thursday, and team president Randy Levine refusing to comment.
Sabathia's agent, Brian Peters, was also incommunicado, lending credence to the belief that both team and player were locked into intense negotiations.
The two sides never met face to face, but an offer was "transmitted" to Peters, on Friday, that was "close" to the final deal. Peters, who flew to New York this week and stayed at Sabathias's home in North Jersey, came back with a counteroffer and "a lot of ground was covered between 5 and 6 p.m. on Monday," a source told ESPNNewYork.com's Wallace Matthews.
According to the source, the Yankees were "surprised" that Sabathia chose not to opt out, but added, "I think there were other teams that might have matched the $92 million" the Yankees owed Sabathia on existing contract, "but I don't think there were many that would have guaranteed him $122 million."
In 2008, Sabathia's $161 million deal to join the Yankees was the largest ever for a starter. However, the Philadelphia Phillies gave Cliff Lee an average annual salary of $24 million for five seasons. On his original contract, Sabathia's average salary was $23 million per season.
The Yankees originally put in the opt-out clause to give Sabathia an escape hatch in case he did not like the Bronx. At the time, there was a strong feeling throughout the industry that Sabathia wanted to play in his home-state of California.
A native of the San Francisco Bay area, Sabathia and his wife, Amber, have often spoken of their affection for New York City and their desire to remain here. This past spring training, however, he hedged on that pledge and then declined to answer questions about it throughout the season.
If Sabathia had opted for free agency, he clearly would have been the top starting pitcher on the market.
After Sabathia, the Rangers' C.J. Wilson, Japanese standout Yu Darvish, Chicago White Sox's Mark Buehrle and the Phillies' Roy Oswalt are some of the other top starters. A team will first have to win the posting to Darvish's Japanese team before it can negotiate with the right-hander.
Sabathia went 19-8 for the Yankees in 2011 and has won 59 games for them over his three seasons in pinstripes, including 21 in 2010. But his effectiveness diminished over the second half of the 2011 season and he was unable to win a ballgame in the ALDS, which the Yankees lost in five games to the Detroit Tigers.
Still, it was imperative for the Yankees that Sabathia return to their rotation, since they only have two other established starters, Ivan Nova and A.J. Burnett, in the fold for 2012, and only one -- Nova -- is considered reliable.
Sabathia, the 2007 Cy Young Award winner as a member of the Cleveland Indians, has thrown an average of 240 innings in each of his last five seasons and has one of the most durable arms in baseball.
This past spring training, Sabathia entered spring training looking much trimmer -- which he attributed, in part, to cutting down on Cap'n Crunch -- but by the end of the season, appearing heavier, his conditioning was being questioned. Sabathia had offseason knee surgery last year, but has not been hurt in the regular season as a Yankee.
Sabathia's first three years, in the words of manager Joe Girardi, have been "spectacular." He and the Yankees wanted them to continue -- and now they will.
Source: AP
Sabathia, who had until midnight Monday to opt out of his existing deal, announced in a video that he and the Yankees have come to terms on a contract extension that will keep the husky left-handed ace from exercising his opt-out clause and testing free agency.
"My goal the whole time was to be able to finish my career as a Yankee," Sabathia said in a video posted on Twitter. "I look forward to seeing everybody out at the ballpark next year."
The total deal is for five years and $122 million, which is instead of the four years and $92 million remaining on his original contract. Sabathia, 31, will be paid $25 million in 2016, which is the final year of the new contract, the source said. The deal contains a vesting option for $25 million in 2017 with a $5-million buyout solely on the condition of his shoulder since the Yankees have some concern about a pre-condition. Sabathia, who also retains a hotel suite on trips, a no-trade provision and the right to buy tickets, will qualify for the vesting option as long as he spends less than 45 days on the disabled list with a shoulder injury in 2016.
In the end, the Yankees added one year and $30 million to Sabathia's contract to avoid the opt-out clause.
Terms of the deal were first reported by ESPN The Magazine's Buster Olney.
"CC is the ace of our pitching staff, a leader in our clubhouse and a driving force for the Yankees in our community," Yankees senior vice president and general manager Brian Cashman said in a statement released by the team. "He is exactly the type player and person that Yankees fans and this organization can be proud of. We are excited that he will be wearing the pinstripes for many years to come."
Both sides clearly worked hard to avert an opt-out, with Yankees general manager Brian Cashman going underground for the weekend, unavailable to the media since last Thursday, and team president Randy Levine refusing to comment.
Sabathia's agent, Brian Peters, was also incommunicado, lending credence to the belief that both team and player were locked into intense negotiations.
The two sides never met face to face, but an offer was "transmitted" to Peters, on Friday, that was "close" to the final deal. Peters, who flew to New York this week and stayed at Sabathias's home in North Jersey, came back with a counteroffer and "a lot of ground was covered between 5 and 6 p.m. on Monday," a source told ESPNNewYork.com's Wallace Matthews.
According to the source, the Yankees were "surprised" that Sabathia chose not to opt out, but added, "I think there were other teams that might have matched the $92 million" the Yankees owed Sabathia on existing contract, "but I don't think there were many that would have guaranteed him $122 million."
In 2008, Sabathia's $161 million deal to join the Yankees was the largest ever for a starter. However, the Philadelphia Phillies gave Cliff Lee an average annual salary of $24 million for five seasons. On his original contract, Sabathia's average salary was $23 million per season.
The Yankees originally put in the opt-out clause to give Sabathia an escape hatch in case he did not like the Bronx. At the time, there was a strong feeling throughout the industry that Sabathia wanted to play in his home-state of California.
A native of the San Francisco Bay area, Sabathia and his wife, Amber, have often spoken of their affection for New York City and their desire to remain here. This past spring training, however, he hedged on that pledge and then declined to answer questions about it throughout the season.
If Sabathia had opted for free agency, he clearly would have been the top starting pitcher on the market.
After Sabathia, the Rangers' C.J. Wilson, Japanese standout Yu Darvish, Chicago White Sox's Mark Buehrle and the Phillies' Roy Oswalt are some of the other top starters. A team will first have to win the posting to Darvish's Japanese team before it can negotiate with the right-hander.
Sabathia went 19-8 for the Yankees in 2011 and has won 59 games for them over his three seasons in pinstripes, including 21 in 2010. But his effectiveness diminished over the second half of the 2011 season and he was unable to win a ballgame in the ALDS, which the Yankees lost in five games to the Detroit Tigers.
Still, it was imperative for the Yankees that Sabathia return to their rotation, since they only have two other established starters, Ivan Nova and A.J. Burnett, in the fold for 2012, and only one -- Nova -- is considered reliable.
Sabathia, the 2007 Cy Young Award winner as a member of the Cleveland Indians, has thrown an average of 240 innings in each of his last five seasons and has one of the most durable arms in baseball.
This past spring training, Sabathia entered spring training looking much trimmer -- which he attributed, in part, to cutting down on Cap'n Crunch -- but by the end of the season, appearing heavier, his conditioning was being questioned. Sabathia had offseason knee surgery last year, but has not been hurt in the regular season as a Yankee.
Sabathia's first three years, in the words of manager Joe Girardi, have been "spectacular." He and the Yankees wanted them to continue -- and now they will.
Source: AP