The Cleveland Indians announced today that they have agreed to a long-term contract extension with Cy Young winner, Corey Kluber.
The deal is for 5-years, plus two club options.
Here are the detail’s of Kluber’s contract for from various reports:
Signing bonus: $1M
Base salaries:
2015: $1M
2016: $4.5M
2017: $7.5M
2018: $10.5M
2019: $13M (could go to $17M)
2020: $13.5M team option (could go to $17.5M)
2021: $14M team option (could go to $18M)
Guaranteed first five years: $38.5M
Potential value for the first five years: $42.5M
Base value for seven years: $65M
Potential value for seven years: $77M
1.) If team options not picked up, $1M buyout.
2.) If traded, earns $1M bonus.
3.) If traded, new team must decide on team options within three days after end of 2019 World Series. If no, $1M bonus.
4.) If traded in 2020, 2021 team option becomes vesting option, based on 160IP and no DL at end of season.
The Indians also announced contract extension for one of their other young pitchers in Carlos Carrasco. Carrasco, Indians agree to a 4-year contract extension, worth around $22M. Like Kluber’s contract extension, Indians also attached to club options on the contract that runs through 2020.
Both are huge moves as many people in MLB did not think they would get the Corey Kluber contract extension done.
The Indians open their season tomorrow night against the Houston Astros, first pitch at 7:00 p.m. Eastern on ESPN.
