Hamels signs three-year deal

The Phillies have signed Cole Hamels to a three-year, $20.5M contract. Joel Sherman of the New York Post has details.

Hamels will receive $4.35 million in 2009, $6.65 million in 2010 and $9.5 million in 2011.

If Hamels wins the Cy Young, his salary in 2010 and/or 2011, his base salary would go up by $500,000 in the following season. If he were to finish second or third in the Cy voting, his salary would go up by $250,000 in the following season.

He also would earn an extra $100,000 in a bonus for winning the Cy, $75,000 for second place and $50,000 for third. He would have the same $100,000/$75,000/$50,000 for finishing first, second or third in the MVP balloting. He also has provisions that call for $25,000 for the Gold Glove or Silver Slugger. If he is an All-Star, as he was for the first time last year, he would earn $50,000. And if he were to repeat as the LCS MVP, he would earn $50,000 or $100,000 for again being the World Series MVP.

Those incentives are pretty basic, so all-in-all, this deal is an absolute bargain. This does mean that Hamels will be a free agent at age 28, still in the middle of his prime, and will likely fetch much, much more money at that time. Paired with the contracts of Jimmy Rollins and Chase Utley, most of the Phils’ core is signed affordably this season.

Finally. Just as I start to complain about the offseason, a smart baseball move.

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Filed under Offseason 2008-09

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