According to Dan Roche of WBZ-TV, the Sox have re-signed Sox’ elder statesman Tim Wakefield to a two-year deal, guaranteeing the pitcher $3.5 million in 2010 and $1.5 million in 2011. MLB Trade Rumors, citing WEEI’s Rob Bradford, states that the deal could approach $7 million should the knuckleballer reach all his incentive landmarks.
This contract is a departure from past negotiations between the Sox and Wakefield, where the team held a renewable $4 million option on the pitcher’s services. The transaction demonstrates that the Red Sox brass have lost a modicum of confidence in Wakefield and his ailing back, as he recovers from his latest surgery and enters his age-44 season.
While it is discouraging that the team has lost enough faith in Wake to discontinue his $4 million option, the good news is that he will once again be donning the Boston red come April. Hopefully, he will be able to top his 129.2 inning total from 2009, which was his lowest single-season mark since his rookie season in 1992.
Given Wake’s effectiveness last season, the Sox can reasonably expect good production out of their aging starter. His 4.58 ERA and 4.58 FIP suggest a quality pitcher still remains, so long as he can stay out of the trainer’s room. However, his accumulating injuries suggest that he cannot be relied upon to consistently take the mound.
While it’s unfortunate that the Sox ended their previous arrangement with Wakefield, it is a good move for the team, as they can save a couple million here and there, allowing the team to spend money elsewhere. In addition, there is a very good chance that this is Wake’s final contract, so any leverage he gains by 2012 through performance and inflation will likely make little difference.
While $0.5 million this season and $2.5 million in 2010 may not seem like much, the money saved will go a long way toward keeping young talent around in arbitration and signing bench players to add depth. Even for teams with $100+ million payrolls, every penny counts.