The Mets held a press conference today with David Wright to announce his new eight-year contract.
Here’s the least you should know…
Jeff Wilpon said Wright will be named the team’s official Captain only if players ask for it in Spring Training.
Wright has a full no-trade clause in his new deal, according to multiple reports.
Wright will be paid just $8 million in 2013, as opposed to the $16 million that had been due to him as part of the option in his last deal, according to the Wall Street Journal.
The overall value of Wright’s deal is a reported $138 million, during he’s paid the bulk of his money in the middle years.
Wright later told WFAN that when he met with Alderson in Virginia, they went so far as to look at scouting reports of the team’s young players and also looked forward to future free agent markets, to get a better sense of where the Mets are headed.
“I grew up watching Cal Ripken Jr., playing against Chipper Jones for these number of years, being across town from Derek Jeter,” Wright said to reporters after the event, according to ESPN New York. “I think there’s something to be said for that. … And it was very important to be able to finish what I started.”
To see video of Wright talking with SNY after the event, and to see today’s Live Blog featuring other pictures, notes and quotes from the press conference, To read more of this story, click here
The Mets are expected to formally announce their new eight-year, $138 contract with David Wright this week at the Winter Meetings, according to David Lennon of Newsday.
Lennon says Wright will have his physical tomorrow, witha a possible announcement coming as early as Tuesday.
According to WFAN’s Ed Coleman, the Mets and David Wright have agreed to terms on a new contract extension that will be the richest in team history << click to tweet this.
9:58 am: Terry Collins told Anthony DiComo of MLB.com he will ask Wright to become the official team captain.
9:09 am: The Mets will not announce the deal today, USA Today’s Bob Nightengale reports on Twitter, due to a physical and other minor issues remaining. Also, Wright is in Florida with teammates at Daniel Murphy’s weekend wedding, according to multiple reports.
MetsBlog’s Matthew Cerrone says the team is likely to hold a formal press conference the week after next, when the front office is back from the MLB Winter Meetings.
3:02 am: In an on-air report at 3 am, Coleman said the deal will cover the next eight years and pay Wright $138 million. He will earn his $16 million next year, which was part of his previous contract, after which he will earn $122 million the following seven seasons.
7:53 am: Andy Martino of the Daily News says Wright will get a brand new eight-year, $138 million deal, which will void and replace his 2013 option << click to tweet this.
8:25 am: “This is a great step forward. It shows the organization steps up when they have to. It’s great for the Mets and our fans,” Terry Collins told Mike Puma of the New York Post.
“I grew up a Met fan, I was developed, drafted by this team,” Wright said at the end of this past season. “There’s a lot of joy in putting this uniform on everyday. Hopefully it keeps going for a long time.”
Matthew Cerrone, Lead Writer
8:44 am: So, I wonder if this frees up money in next year’s budget, since there is a good chance Wright could be paid less than he would have been in 2013, now that we know it’s a new deal. For instance, perhaps he now gets $12 million in 2013, not $16 million, while later earning nearly double per season at the end of the contract. I guess we’ll know more in the weeks ahead, but that (plus deferring Jason Bay’s money) could realistically free up new money to spend now… just a thought.
2:23 am: I don’t want to go too bananas here, because in reality the team is no better or worse today than yesterday. That said, I’m a David Wright fan, this team needs his leadership and bat, he belongs here, and I’m really happy to see this get done.
This is great news, for a few reasons…
First, I had written over and over and over again for weeks now that, while Wright was seeking $20 million a year and at least seven years guaranteed, the Mets had been thinking more like six years at $17 million a year. This past Monday, FOXSports.com’s Ken Rosenthal reported this as the team’s first offer, which I’ve heard the team deny ever happened. But, I believe Rosenthal, and eventually Andy Martino of the Daily News reported later that day that the Mets countered with a seven-year extension. However, Wright then went public on MLBTradeRumors.com dismissing the reports and calling them ‘inaccurate.’ Today, Martino returned to say, though the deal is heavily backloaded, it was simply one conversation away from getting done. Clearly he was right, and here we are… I’m sure the deal pays Wright less early and the bulk of the money later in the deal. But, in either case, it looks like the two sides ended up reaching a good compromise, with Wright getting his eight years through 2020, as well as the richest contract in team history by $500,000, but with the total contract being slightly less than the $20 million a year he was seeking.
Second, I’m thrilled this is out of the way before the front office leaves for the MLB Winter Meetings, which start next Monday in Nashville. Again, as I mentioned this morning, there is lots of buzz that the Mets hope to be active next week. I don’t think they plan to sit on their hands, as some fans fear. They are working a few trade scenarios, most including R.A. Dickey and Jon Niese, and I’m fairly certain they’re eyeing deals with one or two light-weight free agents. I have no idea if trades will be made. However, according to people from other organizations, the Mets are talking and looking to be active. I hope things go their way, because only re-signing Wright is not nearly enough to improve this team for next year.
Lastly, good for Eddie Coleman. That’s awesome that he broke this story…
Michael Baron, Contributor
8:30 am: This is an important step for the Mets, especially since they got it done before the Winter Meetings. They have shown they have the ability to invest in the Major League roster, something many people – both fans and people around the game – were skeptical the Mets could do. But they also eliminate the possibility of Wright being traded next week, something I had been growing more and more nervous about as time went on. Much work still needs to be done here, but now the focus can shift to R.A. Dickey and other areas of the roster.
“David Wright deal could get done with one more conversation, but my guess – just a guess, not sourced – is that his camp will wait a few days,” Mets reporter Andy Martino of the Daily News said today on Twitter.
Matthew Cerrone, Lead Writer
It does feel like this is inevitable, though I bet Wright’s agents make the Mets sweat a bit first. I was worried there for a minute, late Tuesday night. Wright’s comments to MLB Trade Rumors spooked me, no question. However, be it Mike Francesa’s comments on air yesterday, or Martino’s tweet, or just things I’ve heard from people around the team and MLB today, it certainly feels like a deal will eventually get done. I also think far more has been made of concerns over deferred money, present-day value, etc. No one I know in baseball feels this would be an issue, unless of course the player just doesn’t want to re-sign…
Also, I agree with Andy. I don’t expect an official announcement next week at the Winter Meetings. However, it wouldn’t surprise me to see speculative reports about an agreement between these two sides. In terms of a press conference, official press release, etc., my guess is that waits until later when everyone can be at Citi Field.
In either case, I hear Sandy Alderson has the clarity he was seeking, he knows where things basically stand with Wright, and he’s moving forward on finding additional ways to improve the team…
“David Wright will take this offer,” ESPN.com’s Buster Olney said today, after speaking with a number of agents and officials who aren’t involved in these talks.
“There’s no guarantee that he’ll get that a year from now,” one agent told Olney.
Olney thinks Wright should look to Juan Gonzalez’s experience in the mid 90s. Back then, Gonzalez turned down a $151.5 million contract from the Tigers when he was the same age as Wright, 29. Gonzalez never got another offer close to that after an injury-plagued season.
Matthew Cerrone, Lead Writer
I wrote this earlier, but it seems more relavent in this post, following Buster’s comments: “How on earth does Wright pass up $140 million. I don’t know how you leave that much money on the table. It’s crazy, to me. Sure, he wants to play for a winner. I get it. But, everyone says that, and even still, the odds are low that a MLB player will ever get a ring. There is no guarantee, I don’t care where you go, not even the Bronx. In exchange for chasing a championship, he could miss the chance to make a boat-load of money here. I mean, what if Wright passes on this seven-year extension, then injures himself in a way next year (or slumps so bad) that he gets offered significantly less one year from now? He’d never live down passing on $140 million. I just don’t know how he can’t take it, right now, even if he has doubts about the future of this franchise.”
The Mets current seven-year, $124 million offer to David Wright is believed to be their final offer, and it is back-loaded in a way that is similar to last year’s deal between the Marlins and Jose Reyes, Andy Martino of the Daily News reported this morning.
Though it is not know how Wright’s deal is structured, Cot’s Baseball Contracts says Reyes will earn $10 million the first two years of his current deal, then $16 million in 2014 and $22 million each of the last three seasons.
According to Martino’s sources, the Mets are now waiting for a response from Wright.
“I think both parties want this to work,” one rival executive familiar with the situation told Martino. “They’re not going to let this break down over details.”
Matthew Cerrone, Lead Writer
This makes me feel slightly better. The bottom line is this: If Wright wants to be here, he’ll eventually accept this contract.
The total seems to be $140 million for the next eight years, when you include Wright’s $16 million option this coming season. I wonder if the Mets tried to rip up 2013, include it in the new deal (making it an eight-year deal, not seven), while lowering the payment from $16 million to $10 million, thus opening extra money in this years budget. I assume the MLBPA would persuade Wright to not do this, because if he’s already being asked to defer money after the contract ends, it will significantly reduce the present day value of the deal. But, it would certainly help improve the roster surrounding Wright, so I’d hope he would at least be open to it.
WFAN’s Mike Francesa said on air today that, after talking to Mets sources, he believes the team and David Wright are close to agreeing on a contract extension.
He catageorized the team’s recent offer as being ‘legit,’ ‘respectful,’ and ‘generous.’
“I would think that this contract is gonna get it done,” he said, “unless he doesn’t want to be here.”
In addition, Francesa said:
“My understanding is the offer is legitimate. … You cannot say the Mets have not made a fair offer. They have made a legitimatley fair, sound, offer. The biggest issue is how much is front-loaded, how much is in the later parts of the contract. Is there deferred money after the contract ends? Clearly, how you structure the contract is still open for debate. … I think the Mets have put forth a contract that is substantial and is respectful in every way. … I was a little surprised by some of the comments from Wright’s camp, but it’s posturing. … The only thing I wanted to find out is whether the deal is legit, and the deal is legit. Does he want to stay? I would think he does. I would categorize them as being very close.”
To listen to WFAN online, go to WFAN.com.
Thanks to Danny Abriano for transcribing this information.
Matthew Cerrone, Lead Writer
In regards to contract extensions, R.A. Dickey and Wright, Mets GM Sandy Alderson said this to Newsday last week:
“Between Thanksgiving and the winter meetings, we need to have a little more clarity than we have now, certainly. … At some point, we need resolution on these discussions to be able to move on. … We did get started early, but these things take on a life of their own. So I’m not surprised in either case that things have gone on as they have.”
Well, it’s that time. The Winter Meetings start next Monday. Thanksgiving was last week. Everyone is back to work, hustling before shipping off to Nashville. Yesterday’s news cycle indicates Alderson wasn’t kidding when he said he wanted ‘clarity.’
Clearly, the Mets and David Wright have gone back and forth on what a new contract should look like. The Mets obviously feel they’ve done what is necessary to get Wright a serious, worthwhile contract. And yet talks continue… and the clock is ticking.
The above statement doesn’t mean Alderson is demanding Wright ink a deal sooner than later. But, at the very least, it reads like he needs to know Wright’s honest intentions so he can create a plan of attack for the Winter Meetings.
I’m sure Alderson’s plan will be significantly different if Wright intends to be a free agent one year from now, as this also impacts how he handles Dickey (especially if there is a chance to trade him).
My bet is the team leaked details of their final offer a) because it lets us know they’re serious about bringing him back, and b) because they need to force his hand (either to sign their offer, or at least say he will or won’t (as they continue work on minor details). Hopefully the Mets were successful in their messaging, and Wright soon lets them know what’s what, because the Mets need better players and Alderson has a flight to catch…
The Mets and David Wright’s agents are having a disagreement about deferred money in the proposed contract, Mike Puma reports in the New York Post, according to an industry source with knowledge of the negotiations.
Puma believes the contract offered to Wright translates to significantly less dollars in the short term, although its unclear as to how much money would be deferred.
Yesterday, Ken Rosenthal of FOX Sports reported the Mets offered a seven-year contract extension, worth between $119-129 million beginning after 2013.
Matthew Cerrone, Lead Writer
This is actually a pretty big sticking point, since the Time Value of Money can significantly reduce how much cash ultimately ends up in Wright’s bank account.
The way I understand this, similar to Johan Santana and other big-name free agents of the past, the Mets likely deferred money to be paid to Wright long after his deal expires. For instance, the present-day value of Santana’s contract (when it was signed) was actually said to be $121 million, as opposed to the $136 million that was announced. Why? According to reports, $5 million of his salary was deferred annually at 1.25% compounded interest (payable starting seven years after the season in which the salary was earned). It’s a nice, stable retirement plan, I suppose. But, it’s also less cash-in-hand now, which may have gotten more than a 5% return had it been better invested.
It seems to be a recurring tactic with this Ownership. And, while Santana and others seemed to have no problem with it, clearly Wright does. That’s his prerogative, especially if he believes he’d do a better job investing than the Mets. On the other hand, the Mets no doubt prefer to defer the payments so they have more capital on hand in the short-term (either to pay down debt or add new players to the roster).
Frankly, this is all a little technical for me. I simply want to see Wright sign a deal and I want the Mets to know how best to move forward on rebuilding the roster this winter. But, I get it. It’s David’s life and personal finances, and so I’d be a stickler too; and probably equally angry if it was all made public, as well.