UPDATE: The Pirates have announced the deal.
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UPDATE:
Polanco option years are for $12.5M and then $13.5M. Buyout is $3M on 1st year. #pirates
— Jon Heyman (@JonHeyman) April 4, 2016
Source: Polanco five-year deal with #Pirates is for $35M. If both options are exercised, total value will be more than $60M.
— Ken Rosenthal (@Ken_Rosenthal) April 4, 2016
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Pittsburgh Pirates outfielder Gregory Polanco went 2-for-3 with a walk and two runs scored in the team's Opening Day win over the St. Louis Cardinals. Shortly after, the 24-year-old reportedly agreed to a five-year contract extension with the Bucs.
The deal also includes two option years and doesn't kick in until the 2017 season. Polanco was set to be under club control through 2020 before the two sides worked out the new agreement.
The Pirates have yet to announce the move, but multiple MLB sources have reported and/or confirmed it. Jeff Passan of Yahoo! Sports first reported the news and added that the contract is in the "mid-$30 million range and should be announced this week." FOX Sports' Ken Rosenthal, MLB Network's Jon Heyman, Chad Thornburg of MLB.com, Adam Berry of MLB.com and Bill Brink of the Pittsburgh Post-Gazette all confirmed Passan's report.
Polanco has played in just 243 MLB games with the Pirates and the team offered him a similar extension that would have paid him $25 million over seven years (in addition to three club options) back in 2014, but the youngster rejected the deal at the time. Instead, he waited it out and earned himself some more money and will still have an opportunity to hit free agency in his early 30s.
The Dominican native owns a .249/.316/.369 stat line with 133 runs scored, 16 home runs, 85 RBI and 41 stolen bases in his young career. While he has yet to use 6' 5", 230 lb. frame to hit for power, the Pirates are seemingly optimistic that will eventually come to fruition.
Pittsburgh is also known for signing their young and talented players to such team-friendly contracts in order to capitalize on the market and avoid paying them absurd amounts of money once they hit free agency. The club did the same with Josh Harrison last year (four years, $27.3 million), Starling Marte (six years, $31 million) in 2014 and Andrew McCutchen (six years, $51.5 million) in 2012.
General manager Neal Huntington has done a good job of maintaining the core of the Pirates, and it's only going to get better as they have a number of talented prospects poised to make their MLB debuts in the near future.
Stay tuned for an official announcement from the Pirates.
