Jon Heyman of CBSSports.com reports that the Phillies and Cole Hamels have agreed to a six-year, $144 million extension.
Ken Rosenthal of FOXSports.com reported early Wednesday morning that a deal was close while ESPN's Buster Olney was the first to report that an agreement was reached. Bob Nightengale of USA Today reports that the contract will also include a vesting option for a seventh year that could make the contract worth more than $160 million. This is the richest contract in Phillies history and the second-richest contract ever given to a pitcher, trailing only the seven-year, $161 million contract the Yankees gave to CC Sabathia prior to the 2009 season. The Phillies knew they would have to pay a premium to keep Hamels from testing free agency and they did it.