According to T.R. Sullivan of MLB.com, the Rangers are making progress on a long-term deal with shortstop Michael Young and may have something completed this week. Young is already under contract through ’08; the extension would run through 2013, buying out five years of free agency.
The model for the contract is Chase Utley’s deal, where each potential year of free agency was worth $15MM. Baseball Prospectus’s valuations only run through 2011, but indicate that the Rangers will come out just fine.
Young will be locked in as the face of the franchise through age 36. Mark Teixeira, on the other hand, will become a free agent after 2008 and is represented by Scott Boras. The Mets could be a suitor, but the Rangers will discuss an extension with him first.