Free-agent left-hander CC Sabathia has reached preliminary agreement on terms with the Yankees on a seven-year contract worth approximately $161 million, according to a major-league source.
Sabathia will receive an opt-out clause after three years, which was a prerequisite for him to sign with any team, not just the Yankees, according to a source. The deal is all cash and will include no deferrals. Such a clause would give Sabathia the chance for another monster payday in free agency at age 31 — and provides him with an escape if he finds the New York experience unappealing.
The deal has an average annual value of $23 million. Johan Santana’s previous record contract for a pitcher — six years, $137.5 million — had an average annual value of approximately $20.5 million after accounting for deferrals.
The contract is the largest ever awarded to a starting pitcher and the fourth-largest in major-league history, behind Alex Rodriguez’s two free-agent contracts and Manny Ramirez’s original deal with the Red Sox.
The Yankees’ first offer to Sabathia was for six years, $140 million. They added the seventh year to further distance themselves from the Brewers and other clubs interested in Sabathia.
The Brewers made the only other known offer to Sabathia — five years, $100 million with deferrals. But the Giants, Angels and Red Sox all showed varying degrees of interest in signing the pitcher.
News of an agreement between Sabathia and the Yankees was first reported by the New York Post.
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