Wednesday, February 19, 2014

Details of Homer Bailey's contract extension



History was made Wednesday as Homer Bailey signed the richest contract any pitcher has ever received from the Reds franchise.

All totaled, the right-hander stands to earn $105 million over the next six seasons, with a mutual option of $25 million for a seventh year.

According to Joe Kay of the Associated Press, the 27-year-old will boast a base salary of $9 million in 2014, $10 million in 2015, $18 million in 2016, $19 million in 2017, $21 million in 2018, and $23 million in 2019. Should the Reds choose not to pick up his option for 2020, they will owe him an additional $5 million in buyout money.

Although Bailey is set to make a ton of cash, the majority of his salary will be deferred until after the season each year. He will earn an in-season salary of $3 million in 2014, $4 million in 2015, $11 million in 2016, $12 million in 2017, $14 million in 2018, and $15 million in 2019. The rest of his base salary will be deferred until November.

In a bit of a twist, if Bailey should so happen to be traded, his new team would be on the hook to pay his total salary for the given year.

There's yet to be an official announcement from the Reds on the signing. However, Hal McCoy of the Dayton Daily News reports that the contract has already been signed and filed with MLB and the MLBPA.

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