Yankees Re-Sign Derek Jeter

The Yankees officially re-signed shortstop Derek Jeter to a deal worth a guaranteed $56MM, if he exercises a fourth-year player option.  A press conference is scheduled for this afternoon.

Under the deal, Jeter will make $51MM across the first three seasons with a $8MM player option for the fourth year, Jack Curry tweets.  The shortstop can also earn $9MM in incentives for the fourth year but if he earns no incentives while picking up the option, he's guaranteed at least $56MM, says Curry (via Twitter). SI.com's Jon Heyman explains in a pair of tweets that the incentives are based on finishes in the MVP, Silver Slugger, and Gold Glove voting. Curry adds adds that Jeter agreed to defer money, which helps the Yankees with their luxury tax situation going forward.

Talks between the two sides picked up after a meeting in Tampa put an end to an impasse. The Yankees originally offered their captain a three year contract worth $45MM with no option, then encouraged him to test the market. Jeter was rumored to be seeking a five or six-year deal worth upwards of $25MM per season at one point. 

Jeter, 36, is coming off his worst full season as a big leaguer. He hit just .270/.340/.370, career lows across the board. UZR didn't like his defense either, saying he was worth 4.7 runs below average in the field. At some point next season Jeter will pick up his 3,000th career hit (he's 74 away) and 1,700th run scored (15 away), a combination just eleven players in big league history have achieved.

The agreement was first reported by George A. King III of The New York Post, with Jack Curry of YES adding details.

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