Template for a Felix Extension
Felix is due to submit his arbitration request for his 2009 salary on Tuesday. He’s three years from free agency. If you’re wondering what an extension for Felix would look like, consider the case of Cole Hamels – also arb eligible for the first time, also an elite young hurler, and also three years from free agency, he re-signed with Philadelphia for $20 million over the next three years today. The Phillies didn’t buy out any of his free agent years, but avoided potentially large arb awards down the line and gave Hamels some financial security.
If we assume that the Phillies didn’t get a huge discount and Hamels valued his arb years at $7 million per, we’d have to assume that he’d value his free agent years at at least double that. So, perhaps a five year extension would have cost them $45 million or so, pretty close to what we estimated it would take to sign Felix to a five year deal, assuming he’s interested in a contract of that length.
So that’s the template – $20ish million to buy out his arb years, and probably around $45 to $50 million to take away his first two free agent years.