Hypothetically Speaking: The Victor Martinez Contract Extension

UPDATE (12/7): I'm re-posting this piece from November because it looks like the Red Sox and Martinez have started talking about a contract extension. What do you think?

With word coming down today that the Twins and Joe Mauer are exploring the possibility of a contract extension, there has been no dialogue between the Red Sox and Victor Martinez:

"Alan Nero, the agent for Red Sox catcher/first baseman Victor Martinez, said that there hasn’t been any discussion with the Red Sox regarding an extension for his client, and that, at this point, there is no rush to get one done.

“There’s nothing to report,” said Nero in the lobby of the O’Hare International Airport Hilton. “Basically, he’s a Red Sox, it’s as simple as that.

“There’s been no indication on their part, or our part, that that will happen. We’re comfortable in whatever they want to do. If they come to us obviously we’ll listen. But neither Theo (Epstein) or Ben (Cherington) have called and said, ‘Hey, we want to talk long-term’. There was little or no dialogue at all prior to them exercising the option. The bottom line is that we’re content, he’s happy to be a Red Sox, and he’s going to be a Red Sox for the next year.”

Even though there have been no talks between the two sides, can the Red Sox and Martinez come to terms on a contract extension this winter? Maybe. Let's take a look at the respective goals for each side:

The Red Sox

1. Retain their franchise catcher long term

2. Five or six years MAX (catchers have a tendency to break down)

The Victor Martinez Camp

1. Financial Security

2. Become one of (if not the) highest paid catcher in baseball

So how about this deal for Martinez and the Red Sox?

5 years/$65 million (with a $17 million dollar option for 2015)

Here is the contractual breakdown:

2010: $10 million
2011: $12 million
2012: $13 million
2013: $15 million
2014: $15 millon
2015: $17 million

Why it works for the Red Sox

1. Keep Martinez long term

2. Prevent free agent bidding war (especially if Joe Mauer signs an extension with the Twins)

3. Signed Martinez only from ages 31-36 (somewhat limits risk should Martinez begin to break down)

Why it works for Martinez:

1. Financial Security

2. Becomes one of the highest paid catchers in baseball

3. Gets an extra $2.5 million in 2010 just for signing the extension

The real incentive for the Red Sox here is to lock Martinez up before he can hit the free agent market. If Martinez becomes a free agent, then I imagine he will receive offers well north of this one, possibly as long as six or seven years. Signing with the Red Sox now would still be a good move for Martinez, who would be in a great location for the next few years and will be handsomely paid for his services?

Does this contract make sense? Let us know what you think in comments.

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