(By Chris Humphreys, US Presswire)
(PhatzRadio / USA Today) — Cole Hamels and the Philadelphia Phillies have agreed to a six-year, $144 million contract extension that will be announced at a noon ET press conference today at Citizens Bank Park, a person with direct knowledge of the negotiations told USA TODAY Sports.
The person, unauthorized to speak publicly before the press conference, said the deal will also include a vesting option for a seventh year that could make the contract worth in excess of $160 million.
It is the most lucrative contract in Phillies history, and the second largest by any pitcher in baseball, behind only CC Sabathia of the New York Yankees, who signed a seven-year, $161 million deal before the 2009 season. It also adds another huge financial commitment for the Phillies, who in 2013 will pay about $89 million merely to Hamels, first baseman Ryan Howard and pitchers Cliff Lee and Roy Halladay.
They have also committed $356.5 million to Hamels, Howard, Lee and Halladay from 2013 to 2018.
The deal was agreed upon close to midnight ET after Hamels completed a physical conducted by the Phillies.
The agreements culminates a stretch of negotiations that intensified in recent days as the Phillies faced a key decision on Hamels, one of their cornerstone players – whether to lavish a contract with no hometown discount on their left-hander, or attempt to deal him before next Tuesday’s non-waiver trade deadline. The Phillies enter Wednesday 14 games out of first place in the NL East.
The Phillies, who engaged in preliminary negotiations with Hamels during spring training, didn’t start serious discussions again until after the July 4 holiday, according to the person familiar with the agreement. The Phillies offered a six-year, $126 million contract at that time, but even with slow increments that reached $135 million a week ago, Hamels was unsure whether he wanted to test the free-agent market. The Phillies and Hamels finally agreed on the six-year deal with the vesting option Tuesday night, and Hamels has already passed his physical.
