Nathan and the Twins agreed to terms Monday on a $47 million, four-year contract, a deal that includes a 2012 club option on the 33-year-old closer. The Twins weren’t going to get rid of the two-time All-Star, not after deciding to deal Santana and watching Hunter and Silva depart as free agents during the offseason.
Nathan was slated to make $6 million in 2008, far less than several ace relievers around the majors. Mariano Rivera of the New York Yankees got a $45 million, three-year contract in November, and Francisco Cordero signed a $46 million, four-year deal with the Cincinnati Reds after becoming a free agent. With Francisco Rodriguez of the Los Angeles Angels eligible for free agency after this season, the price for closers could soar even higher.
Antony and Nathan’s agent, Dave Pepe, tore up the existing contract and worked out a new one. Nathan gets $11.25 million in each of the next four seasons, starting with 2008, and the Twins have a $12.5 million option for 2012 with a $2 million buyout.
The price of the option can rise to $14 million — going up by $500,000 each for 55 games finished in 2010, 55 games finished in 2011 and 110 games finished in 2010 and 2011 combined. Also, Nathan said the deal contains a limited no-trade clause.
Nathan’s 160 saves over four seasons as Minnesota’s closer are tied with Rivera for most in the AL. Nathan’s ERA since joining the Twins is 1.94. He has converted 90 percent of his 179 career save opportunities.
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