Jason Varitek, Red Sox Reach Agreement

1:28pm: Contract details from Massarotti:

Varitek will earn $5MM in 2009, with the club holding a $5MM option for 2010. If the Red Sox do not pick up that option, Varitek has the choice of remaining with the club on a $3MM deal. In ’10, he can earn another $2MM in incentives based on playing time, beginning at 80 games started.  The incentives apply to the player option only. 

The Boston Herald breaks down the 2010 bonuses.  ESPN’s Jayson Stark and Jerry Crasnick add:

Had he declined or not responded, the team was gearing up to trade for another catcher.

1:01pm: From Jon Heyman: the Red Sox reached an agreement on a two-year deal with Varitek.

12:38pm: Nothing too huge here, but check out Massarotti’s latest.  He says a resolution is expected by day’s end.

8:57am: Joe McDonald of the Providence Journal says there’s no morning deadline, though "a decision is likely to be made by this afternoon."   WEEI’s Alex Speier and ESPN’s Jayson Stark heard something similar.

8:35am: So that deadline on Boston’s contract offer to Jason Varitek…what time zone is it in?  Tony Massarotti believes it’s 11:30 EST.  As Massarotti has said, Varitek is "seriously considering sitting out the 2009 season or retiring rather than accepting the offer."