Breaking down the Cabrera extension
The year-by-year breakdown of Miguel Cabrera’s $292 million extension came out today, first reported by Jon Heyman. And the contract is somewhat backloaded, though maybe not as much as expected.
Cabrera’s $22 salary remains intact for this year and next. His salary will jump to $28 million for 2016 and 2017, then $30 million from 2018 through 2021. The last two guaranteed seasons of his deal are the most lucrative at $32 million each. Thus, yes, Cabrera will make $32 million at age 40 in 2023.
Cabrera will get either a $30 million salary in 2024, if his option vests with a top 10 MVP finish or if the club picks it up, or he’ll get an $8 million buyout. The same option is in place for 2025, though not with a buyout.
The deal also includes some good-sized bonuses. Another MVP award will earn him $2 million. Finishing second through fifth in the voting will earn him $200,000. Placing sixth through 2010 will earn him $100,000. Winning the Hank Aaron Award is worth $250,000. He also has a bonus of $100,000 for being voted an All-Star or being named to the Baseball America, AP or Sporting News end-of-season All-Star teams.
Cabrera has $100,000 bonuses for Silver Slugger and Gold Glove awards, $150,000 for LCS Most Valuable Player, and $200,000 for World Series MVP. If he wins league MVP, the Hank Aaron Award and World Series MVP in the same season, he gets a $1 million bonus.
Bottom line, he has a pretty good chance at earning well beyond the $292 million guaranteed money in his contract.