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Rosenthal: Padres Near 3 Year Peavy Extension

December 2nd, 2007 by Melvin

The deal, which would lock up Peavy through 2012, will average between $17 million and $17.5 million per season, according to a major-league source. It also could include a club option for a fourth year.

Love the deal from both ends. Peavy gets near the money he deserves, but recognizes that San Diego will never match the resources available to a major market.

On the Padres side, the team rarely commits to long term deals of this magnitude. The organization knows how special Jake is, and uses what payroll flexibility it does have to reward and build around its home grown star.

He will be 31 years old on the last year of the contract, 32 if the option is exercised.

Melvin Edit: Wondering on the details. Does his salary stay at $6 million and $8 million in 2008 and 2009?

Melvin Edit 2 (12/3) : We have confirmation from Tom Krasovic of the UT on Peavy’s deal, a little over $50 million over 3 years. There is new news however, a mention of a no trade clause along with a player, not team option for 2013. Both will significantly reduce team flexibility against anything unexpected.

Padre fans need no reminder of the ills of giving up trade flexibility, having watched Phil Nevin under perform his contract in 2005. It may not seem like a factor after Peavy’s 2007 Cy Young season, but a max effort guy like Jake leaves a very real injury possibility. Although if he is injured, actually finding a trade parter will be difficult enough. And since the contract only covers Jake’s prime years, the front office may not see a comparison to the old age decline of Phil Nevin.

Melvin Edit 3 (12/4): Krasovic from the UT and The Associated Press update on the Peavy deal, $52 million for tres años, plus a $22 million dollar team option with a buyout for $4 mil on the fourth año. The team option looks good to me, though the buyout seems a little steep.

Here’s a breakdown from the AP

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.

Lets talk no trade clause:

For the next three years, Peavy can veto a trade to any club. In 2011 and 2012, he can veto a trade to a select group.

Word up. Sounds like something might be possible in an emergency, but it’s still a bit scary.

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