Verlander’s deal broke the standard for pitchers set just a month earlier when Seattle’s Felix Hernandez agreed to a $175 million, seven-year contract. The 30-year-old right-hander didn’t feel a need to wait two seasons, become a free agent and find out how much baseball’s biggest spenders would offer.
“I wondered what it would be like to test free agency, but the pull of Detroit was too much,” he said. “Once spring training started I knew I wanted to stay.”
Verlander’s deal keeps his $20 million salaries for each of the next two seasons and adds $140 million in guaranteed money: $28 million each season from 2015-19. It includes a $22 million option for 2020 that would become guaranteed if he finishes among the top five in 2019 Cy Young voting. The deal could be worth $202 million over eight seasons.
Posey’s deal includes a club option for 2022 that could raise the value to $186 million over a decade.
He had been due to make $8 million this year. Instead, the 26-year-old gets a $7 million signing bonus, with $5 million payable Oct. 15 and the remainder Jan. 15, and his 2013 salary is reduced to $3 million.
He will make $10.5 million in 2014, $16.5 million in 2015, $20 million in 2016 and $21.4 million in each of the following five seasons. The Giants’ option is for $22 million with a $3 million buyout.
“You have to have the right player to do that,” said CAA Baseball agent Jeff Berry, who handled Posey’s contract and Matt Cain’s $127.5 million, six-year deal last spring. “That’s the key to it.”
AP Baseball Writer Janie McCauley in San Francisco and AP freelance writer Jeff Berlinicke in Lakeland, Fla., contributed to this report.