Wells finally signs contract extension with Toronto
2006-12-15 20:13
by Bob Timmermann
And this was no regular contract extension for Vernon Wells. It was one for seven years (through 2014) and worth $126 million. According to the AP, it is the sixth largest contract ever signed in baseball.
Wells has the right to terminate the agreement after the 2011 season and has a no-trade clause.
Here is how the payouts go, according to the linked AP story:
Wells is due $5.6 million next season in the final year of his old contract. The extension calls for a $25.5 million signing bonus, payable in three $8.5 million installments each March 1 in 2008, 2009 and 2010. He will receive a salary of just $500,000 in 2008 and $1.5 million in 2009, but his salary jumps to $12.5 million in 2010 and $23 million in 2011. Wells receives $21 million in each of the final three seasons.
I like the huge signing bonus payable over three installments. If this is allowed, why don't the yankees do it to get around the luxury tax? Player gets same amount of money, and the bonus wouldnt count against the team.
But quite possibly the worst.
I learned on Wikipedia that Grimace debuted in 1971 as a four-armed treat-stealing villain.
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