The Miami Marlins and 25-year-old Giancarlo Stanton have agreed to the richest contract in North American sports history. Pending approval from the MLB commissioner's office, the 13-year, $325 million deal will help the Marlins begin the transformation of their franchise.
Jon Heyman of CBS Sports reported that the megadeal was in place early Monday morning, but news just broke the two sides have agreed and could announce the news as early as Wednesday during a news conference in Miami. The contract has the potential to keep Stanton a Marlin until he's 38 years old, but there's a crucial opt-out clause that could have him re-enter contract negotiations.
FOX Sports' Ken Rosenthal first reported that the Marlins and Stanton's agent were discussing a $300 million deal when it was originally speculated the contract extension for the slugger would be in the $200 million range. Marlins' owner Jeffrey Loria has apparently put an end to the old ways of the organization that was previously among MLB teams with the lowest payroll. Stanton's $25 million average annual salary will be 55% of the team's entire 2014 payroll.
According to Heyman, Stanton may have a five-year opt-out clause that would allow him to become a free agent again when he's 30 years old. It could be advantageous to both sides because, hypothetically speaking, Stanton could seek to join another ball club if the Marlins aren't where they expect to be in five years, while the Marlins could relieve themselves of a $25 million per year player who is turning 30 years old. The deal can help the Marlins gain the recognition they need in the Miami market to boost attendance. According to Baseball Almanac, the Marlins averaged only 21,386 in attendance and just 19,584 the season before. In fact, their largest annual attendance rate since 1997 came in 2012 when they signed shortstop Jose Reyes, starting pitcher Mark Buerhle and closer Heath Bell to lucrative contracts.
Stanton's signing gives fans the belief that continuity could characterize the future of the team. The Marlins will have five seasons to build a formidable team around the outfielder before he gets the opportunity to opt out of the contract. If they happen to have a contending team when the time comes, it's hard to believe he'll walk away from a deal that is paying him $25 million per year.
Shortly after news broke about Stanton and the Marlins working on a long-term deal, the team tweeted they have opened extension talks with other young stars: outfielder Christian Yelich, starting pitcher Jose Fernandez and shortstop Adeiny Hechavarria. The Marlins have put themselves in a good position to succeed. It's now all up to them.