If you missed it, the Yankees and Derek Jeter came to an agreement on a new three-year deal this afternoon. Everybody knew it would be somewhere between $45-$51 million, but until now the details have been elusive.
Here, via Jack Curry of the YES Network, is how it breaks down:
The deal is a three-year $48 million deal with a player option. The option is for $8 million with another $9 million in incentives. If he doesn’t exercise his option there is a $3 million buyout.
That essentially guarantees Jeter at least three-years and $51 million. If he exercises the option, but doesn’t reach the incentives it is a four-year $56 million deal. And if he exercises the option and reaches all the incentives he’ll get four years and $65 million.
The one thing I should note, buyout is probably not a good term as there generally aren’t buyouts in player options. Instead this is probably the deferred money they were talking about it’s just called something else. Really this is a straight three-year $51 million deal with a $5 million player option. Not terrible, but it really depends on how easily obtainable those $9 million incentives are.
Update: Jack Curry has another update. The $9 million in incentives will be based on a point system for winning the MVP or Silver Slugger award, for being World Series or ALCS MVP, or for winning a Gold Glove. Coming in the top six in voting for any of those awards can also earn him points.