Extension For Peavy Nearing!!

[HollywoodLeo]

You gloated in another thread. It's cool. It feels good to be right doesn't it?

I think we're all happy that it appears Jake is going to be extended.

[padrefanforever]

You gloated in another thread. It's cool. It feels good to be right doesn't it?

That is true.......I brought up my post talking about it after I was told that I didn't support the signing of Peavy, or that it could/would get done.......

[DirtyKash]

Cy Young winner Peavy closing in on biggest deal in Padres history

By BERNIE WILSON, AP Sports Writer
December 4, 2007

SAN DIEGO (AP) -- When he returns from a hunting trip, NL Cy Young winner Jake Peavy will bag the biggest contract by far in San Diego Padres history.

Once the deal is finalized, the right-hander will be guaranteed $52 million from a three-year extension that will run from 2010-12. Should the team exercise a $22 million option for 2013, the deal will be worth $70 million.

Including 2008-09, for which Peavy already is under contract, he could make $87.5 million during the next six seasons.

The extension is contingent on the 26-year-old Peavy passing a physical. The two sides are continuing to work on other details, including the scope of no-trade provisions.

The deal probably won't be finished until club officials and agent Barry Axelrod return from the winter meetings in Nashville.

"We have the advantage of all living in the same city," Axelrod said by phone on Tuesday. "We don't have to focus on it in Nashville."

A person with knowledge of the deal, speaking on condition of anonymity because the deal hasn't been finalized, said Peavy will earn $15 million in 2010, $16 million in 2011 and $17 million in 2012. If the club declines the $22 million option, Peavy will get a $4 million buyout.

The guaranteed money in Peavy's extension will average $17.3 million a season. By comparison, Carlos Zambrano of the Chicago Cubs averages $18.3 million and Barry Zito of the San Francisco Giants averages $18 million.

Peavy, a 15th-round pick in the June 1999 draft, will make $6.5 million in 2008. Because he won the Cy Young Award, the price of the club's 2009 option increased by $3 million to $11 million.

The Padres have long given the so-called San Diego Discount. Players know they can get more as free agents elsewhere, but San Diego's sunny climate makes it a great place to play -- even if the Padres haven't won a postseason series since 1998.

When finalized, Peavy's pact will surpass the biggest total deal in franchise history, the $34 million, four-year contract slugger Phil Nevin agreed to in November 2001. Like Peavy, Nevin was represented by Axelrod.

Right fielder Brian Giles is heading into the final year of a deal that averages $10 million. He agreed in December 2005 to a $30 million, three-year deal that includes a $9 million club option for 2009, or a $3 million buyout.

[redsrbetter]

BBTN reports extension is done. I am not sure on the numbers though.

[padrefanforever]

It'll be a 3 year, $52 mil deal.

$15 mil in 2010
$16 mil in 2011
$17 mil in 2012

Club option for 2013 at $22 mil or a $4 mil buyout.

Just needs Peavy's autograph since he's out hunting or some shit

[love_that_reefer]

Does anyone else realize 15+16+17=48? I saw this yesterday and didn't post it because the numbers didn't add up.

[love_that_reefer]

I see it now. The $4 mil buyout. Helluva buyout!!

[DirtyKash]

The stoner's math skills kicked in at the right time.

[love_that_reefer]

My math was right, just didn't see the option buyout