The San Diego Padres love spending money.
After signing shortstop Xander Bogaerts to a $280 million contract in the offseason and extending Fernando Tatis Jr. for $340 million just over a year ago, they have inked All-Star third baseman Manny Machado to an 11-year $350 million contract extension on Sunday, Feb. 26.
BREAKING: Star third baseman Manny Machado and the San Diego Padres are finalizing an 11-year, $350 million contract extension, sources familiar with the deal tell ESPN. Machado helped turn around the franchise. He'll stay as the ascendant Padres seek their first championship.
— Jeff Passan (@JeffPassan) February 26, 2023
Machado, 30, was already on a 10-year, $300 million deal that he signed in 2019, but said last week he plans to opt out of the final five years (and $150 million) of his current contract after preliminary negotiations on an extension broke down. This deal, the fourth-biggest ever, could see Machado in San Diego into his 40s, joining Bogaerts in that regard.
In his 11-year career, Machado is batting .282 with 283 home runs, 853 RBIs and 839 runs while also winning a Gold Glove in 2013 and 2015 and a Silver Slugger in 2020. He’s coming off a 2022 season that was perhaps his best ever, as he slashed .298/.366/.531 with 32 home runs and over 100 runs and RBIs to finish second in NL MVP voting.
When you combine the initial contract that began in 2019 and today's contract extension, the Padres have signed Manny Machado for 15 years and $470 million pic.twitter.com/shRdq0dy3Q
— Talkin’ Baseball (@TalkinBaseball_) February 26, 2023
Owing over $600 million to Tatis and Bogaerts as well as nine-figure extensions given to pitchers Yu Darvish and Joe Musgrove, this deal with Machado only increases the Padres’ competitive balance tax payroll, of which they are already the third-highest in the majors at $266 million. With the acquistion of star outfielder Juan Soto at last season’s trade deadline, the team may have to pay a nine-figure salary yet again once the 24-year-old hits free agency after the 2024 season.
The Padres have already paid Machado $120 million of his original 10-year deal and first offered him a five-year, $105 million extension on top of paying the rest of his contract, according to ESPN’s Alden Gonzalez. Instead, San Diego has locked up it’s cornerstone third baseman yet again as they look to win their first World Series in franchise history.
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