Murderer's Row North just locked up it's 5 tool Gold glove winning centre piece for a very long time...TORONTO (CP/TSN.ca) - It appears that Vernon Wells has become the marquee man for the Toronto Blue Jays.
The all-star centre-fielder and the club reached a final agreement on a US$126-million, seven-year contract extension late Friday night, a source with knowledge of the talks told The Canadian Press.
According to TSN Baseball Insider Steve Phillips, however, nothing is official until the deal is approved by Major League Baseball. That could happen as early as Saturday.
The deal is by far the longest and richest in franchise history.
The Blue Jays will formally announce the agreement at a news conference Monday
The contract, which contains a no-trade clause and an opt-out provision after the fourth season, would run through the 2014 campaign and be the sixth-biggest ever handed out in the majors.
The Associated press reported that the extension calls for a $25.5-million signing bonus, payable in three $8.5-million instalments 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.
He gets a full no-trade clause and could earn bonuses of $250,000 for MVP, $200,000 for World Series MVP, $150,000 for league championship series MVP and $100,000 for receiving the most votes in his league in all-star game balloting.
In addition, Wells will donate $143,000 annually to the Jays Care Foundation.
Earlier on Friday, Wells said a deal was close with a second source saying only approval from team owner Ted Rogers as well as finalizing some minor unfinished details stood in the way of a final agreement.
"How can you not be happy?" Wells told The Associated Press from his home in Arlington, Texas. "My family comes first.
"Obviously this gives me an opportunity to set my family up for a couple of generations. That's the biggest part of this thing.
"And this gives me a chance to do something special in Toronto that hasn't been done in awhile."
Blue Jays officials chose their words carefully Friday, as they have been guarded when talking about looming contracts since a deal with free-agent catcher Rod Barajas fell through last month.
They insisted nothing was carved in stone just yet and wouldn't discuss the state of talks.
"It's too premature," general manager J.P. Ricciardi told The Canadian Press. "It wouldn't be right to comment on it right now."
The deal ensures that Wells, 28, will remain the face of the franchise for years to come.
The agreement dwarfs the Blue Jays' previous largest contract, a $68-million, four-year pact with Carlos Delgado in the fall of 2000, and more than doubles the richest deal ever handed out by Ricciardi, the $55-million over five years given to pitcher A.J. Burnett last winter.
Compared to his peers around the majors, Wells' deal ranks behind only those given to Alex Rodriguez ($252 million for 10 years), Derek Jeter ($189 million for 10 years), Manny Ramirez ($160 million for eight years), Todd Helton ($141.5 million for 11 years) and Alfonso Soriano ($136 million, eight years).
While the numbers are staggering, Wells would likely have been able to fetch significantly more had he hit the open market next fall. He's due to make $5.6 million this season and would have been eligible for free agency afterward.
Some speculated that as a free agent the bidding for him could reach up to $200 million over 10 years. But with a market-value offer in hand Wells opted to remain in a situation where he was happy rather than try to break the bank.
Had an agreement not been reached, the Blue Jays might have traded him rather than risk losing him for only draft picks as compensation. His absence from the club's marketing campaign and Christmas cards fuelled speculation the team was paving his way out of town.
Talks picked up after a lengthy lull this week and most of the hard work was hammered out Thursday.
Wells' decision will no doubt prompt others around the majors to take note and should further reinforce the Blue Jays' return to prominence among the big boys in the major leagues. Not only have they been able to add top-end, free-agent talent like Burnett, B.J. Ryan and Frank Thomas over the past two seasons, they've also retained homegrown stars like Roy Halladay and Wells.
The Blue Jays now have a pricey core of six players - Wells, Halladay, Burnett, Ryan, Thomas and Troy Glaus - that will cost them about $65 million in 2007, $70 million in 2008 and $75 million in 2009.
That could change depending on how Wells' contract is structured, whether opt-out clauses are exercised or if benchmark for options are reached, but it indicates the Blue Jays will have a payroll in the neighbourhood of $100 million in the coming years to accommodate those salaries.
"I would doubt that the payroll would vary appreciably up or down from where we're at in the coming years," said team president Paul Godfrey. "We do have some long-term commitments and Mr. Rogers is aware of them."
The Blue Jays will soon announce their 2007 payroll, Godfrey added.
Wells' addition leaves the team with one order of business, adding to the starting rotation. The club lost out on Ted Lilly and Gil Meche at the winter meetings and is looking to address the need via trade.
Johnson-Rios-Wells-Glaus-Thomas-Overbay- Hill-Zaun-Clayton's going to flat out kill the AL pitching
