The Yankees finally revealed the details of CC Sabathia’s contract.
Via the Associated Press:
His $161 million, seven-year contract includes a $9 million signing bonus, according to details obtained Friday by The Associated Press. By the time the Yankees open at Baltimore on April 6, he already will have received $6 million of that bonus plus $3.5 million of next year’s salary.
This is how it works:
• The signing bonus is payable in three equal installments by Dec. 31 and by March 1 and July 31 next year.
• He will get a $14 million salary in 2009 and $23 million in each of the final six seasons of the deal, the largest contract ever for a pitcher both in total dollars and average salary.
• While most players are paid semimonthly during the six months of the regular season, Sabathia’s salary will be paid in semimonthly installments over all 12 months of the year. That means he will have received six payments of $583,333 before the opener.
Sabathia’s deal calls for him to get a suite on road trips, a provision also in the contracts of several other major leaguers. He can void the contract after the 2011 season and file for free agency.
The deal was pretty much what everyone expected AAV, but it’s surprising to find that he will be paid nearly $9.5 million before he throws his first pitch on April 6.