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[Update] The details are (mostly) in! The Red Sox have extended David Ortiz, with the designated hitter set to make $16 million in 2015 and the team holding options for 2016 and 2017 which, according to Gordon Edes, could vest given some as-of-yet unknown circumstances.
At $16 million, Ortiz will cost slightly more in 2015 than in 2014, but not a significant amount given the Red Sox' financial situation. I would not be surprised to see that option vest under eminently attainable circumstances, either. Something based around the amount of playing time a reasonably healthy Ortiz would get assuming he remains starter-quality would give the Red Sox a good chance to avoid going through this same saga next March.
With Ortiz satisfied, the front office can now turn its full attention towards their other major extension target: Jon Lester.
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A very brief Gordon Edes piece on ESPN announces, courtesy of a league source, the news many of us have been waiting to hear: David Ortiz's contract with the Red Sox has been extended. Right now, about all we know is that it appears to be a simple, run-of-the-mill one-year extension worth about $15 million—in other words, exactly what he's making per year at the moment.
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I think Red Sox fans should be thrilled with this news, as it means that we can finally shut the door on all of these conversations about "When will they get the deal done?" There will be no distractions during the season, and the greatest DH of all time can focus on what he does best—hitting opposing pitching and dispatching them with prejudice. Moreover, even if Ortiz's production falls off of a cliff in 2015, the Red Sox are well-positioned to absorb the financial shock, with very few players currently signed to long-term deals, and a beyond fully loaded minor league system.
The one-year nature of the deal, however, ultimately does raise some questions. Given that Ortiz has stressed on several occasions that he doesn't want to have to face contract uncertainty again, does the fact that there's just the one-year deal—going until 2015—signal that the end of Ortiz's tenure with the Red Sox is nigh, as when the Red Sox renegotiated Tim Wakefield's deal before the 2010 season? It's a situation that will bear watching.