Stephen Strasburg was widely expected to be a gem of the winter free agent market but the right-hander agreed Monday to a seven-year contract extension worth $175 million.
“I am delighted to ensure that Stephen is going to remain an important part of the Washington Nationals,” said general manager Mike Rizzo in a statement Tuesday.
“From the moment he was drafted, Stephen has been far more than just a pitcher for our organization, and his talent is transcendent; the numbers speak for themselves. Needless to say, I am thrilled we’ll continue to have him as part of our family on the field and in the community, and looking forward to seeing him on the found for us every five days for the foreseeable future.”
Rizzo drafted Strasburg No. 1 overall in 2009. His signing locks up the Nationals’ ace tandem, including No. 1 starter Max Scherzer, for at least three seasons.
The deal includes deferrals and “rolling” opt-out clauses after the third and fourth seasons, per Jon Heyman of MLB Network. Strasburg can also earn up to $1 million in bonuses each year, which could increase the total value of the contract to $182 million, according to Heyman.
Like Scherzer’s contract, much of the contract is deferred without interest with $15 million per season in salary and deferrals of $10 million per year from 2024-2030.
Next up on the contract extension front is another client of superagent Scott Boras – outfielder Bryce Harper. The 23-year-old was the No. 1 pick in 2010 and after earning $5 million this season, will be a first-time arbitration eligible player entering 2017.
If the Nationals choose to buy out his arbitration years with a long-term deal, speculative projections put the deal in the $350 million-$400 million range or even higher based on Harper’s age and the massive earnings potential he could realize on the open market. There are 36 players scheduled to earn $20 million or more in Major League Baseball this season. The highest single-season salary this season belongs to Los Angeles Dodgers pitcher Clayton Kershaw ($33 million). The top-paid position player is Detroit Tigers first baseman Miguel Cabrera at $28 million as part of a 10-year, $292 million deal.
Strasburg, 27, is 59-37 with a career 3.06 ERA and 948 strikeouts in 818 2/3 innings over seven seasons with the Nationals. He was an All-Star in 2012 and finished ninth in Cy Young Award voting in 2014.
This season, Strasburg is 5-0 with a 2.76 ERA (49 innings) and 47 strikeouts in seven starts.