Phillies Extend Cole Hamels

AUGUST 1: ESPN's Buster Olney has the salary breakdown (Twitter link). Hamels received a $6MM signing bonus and will earn $19.5MM in 2013. His annual salary from 2014-2018 will be $22.5MM. The option for 2019 can vest at $24MM, or the club can exercise it at $20MM with a $6MM buyout. All told, the contract could be worth up to $158MM across seven years.

JULY 25: The Phillies announced that they have signed Cole Hamels to a six-year contract extension worth at least $144MM. The contract, which includes limited no-trade protection for Hamels, includes an option for a seventh year.

Cole Hamels - Phillies (PW)

Hamels' extension will be the second-largest contract ever for a pitcher, trailing only C.C. Sabathia's seven-year, $161MM agreement with the Yankees. Hamels obtains the largest extension for any pitcher in history, surpassing Johan Santana's $137.5MM deal with the Mets. Hamels obtains the same average $24MM annual value as teammate Cliff Lee, who signed a five-year, $120MM contract with Philadelphia two offseason ago.

The 2019 option is either a club option at $20MM or a vesting option at $24MM, MLBTR's Tim Dierkes has learned. The option vests if three conditions are met: Hamels is not on the disabled list with a left shoulder or elbow injury at the end of the 2018 season, and he pitches 200 innings in 2018, and he pitches 400 innings in 2017-2018 combined. If the club exercises its option, Hamels will earn $158MM over seven years. If the option vests, he'll earn $162MM over seven years ($1MM more than Sabathia).

Hamels, 28, has a 3.23 ERA with 8.8 K/9 and 2.2 BB/9 in 133 2/3 innings for the Phillies this year. He averaged 31 starts and 206 innings per season from 2007-11, his five first seasons in Philadelphia's rotation. Agent John Boggs represents Hamels, the 2008 World Series MVP. The contract covers his age 29-34 seasons.

If Hamels had reached free agency, the California native would have drawn interest from many teams, including, perhaps, the Dodgers. Instead, teams looking to sign starting pitchers this coming offseason will set their sights on the likes of Zack Greinke, Anibal Sanchez and Edwin Jackson.

The Phillies now have three starters earning $20MM per season: Hamels, Lee and Roy Halladay. As ESPN.com's Jayson Stark reports, there had never been a team with two $20MM per season starters until the 2012 Phillies took the field (Twitter link).

Ken Rosenthal of FOX Sports first reported the sides were nearing an extension, ESPN.com's Buster Olney first reported the agreement, Jon Heyman of CBSSports.com first reported the terms of the deal and Tim Dierkes of MLBTR first reported the details of the 2019 option. Photo courtesy of US Presswire.


17 Responses to Phillies Extend Cole Hamels Leave a Reply

  1. goodgm 3 years ago

    well actually the contract could be worth up to 168 not 158

    • start_wearing_purple 3 years ago

      Actually $162M maximum:
      Signing bonus = $6M
      Salary from 2013-2018 = $22.5M * 5 + $19.5M = $132M
      Potentials of 2019 options = $24M or $20M or $6M

      Possible totals = $162M, $158M, or $144M

  2. Do the Phillies intend to pay luxury tax? Because that’s where I see this going if they can’t trade Cliff Lee this year or next.

    • randyfastman 3 years ago

      I think they’re ok with going over it for a year, then after next year Halladay and Utley come off the books and they could both (possibly if all pans out) be replaced internally

  3. ChefR 3 years ago

    That’s a lot of money for 3 rotation spots.

  4. The Phillies sure like burning money they don’t have.

    • Jim C 3 years ago

      Last time I checked they still have money they can spend? Do you not understand that Halladay and Utley are done after next season, JRoll after that, and then a huge TV deal on top of that.

  5. Casor_Greener 3 years ago

    I wouldn’t have done it, but at least they know they will probably have a very good pitcher for a very long time.

  6. I guess they didn’t learn with Lee.

    • WeDontNeedToFinPracticeRANDY 3 years ago

      Hamels is 28 signing this contract. Lee was 32 signing his…Nothing wrong with locking up a young(ish) star pitcher…Especially when you’re going to need some kind of foundation heading into the storm that Philly is bound for.

      • Jim C 3 years ago

        What storm?

        • WeDontNeedToFinPracticeRANDY 3 years ago

          Ya know…the one where the entire complexion of their club is going to complete the shift it’s already started. They still have a lot of work to do on their farm as well. A LOT.

          • Jim C 3 years ago

            The entire complexion of the club? They traded to outfielders who were about to be very expensive and very overpaid based on their production. They still have 3 very good pitchers and when they’re on top of their game they’re elite. So maybe yo should slowdown on the “storm” they are about to go though. The farm has taken a hit and no one can deny that, you’re right. But acccording to MLB.com, they have 3 top 100 prospects who are all pitches, now 2 top 10 catchers, a top 10 first baseman, and a top 10 second baseman. I know that Pence trade stripped them of Singleton, Cosart, and Domingo which all look like studs right now but you’re exagerrating A LOT. They also will have the money to be able to sign guys here and there t help keep the team competitve, if they wish they can even get all star caliber guys. They have big contracts coming off the books the next couple years and a massive TV deal also approaching.

          • WeDontNeedToFinPracticeRANDY 3 years ago

            Who said anything about shipping off Victorino and Pence being a bad thing? I was stating that it was going to cause some turmoil. Anytime you ship off 2 fan favorites in one day, that’s going to happen. I also stated that extending Hamels was a good thing (I think you missed that part in your blind fury). Phillies fans also have to accept that Halladay is getting to the age where a decline is inevitable. Don’t get me wrong, I’m a huge Doc fan and I hope he pitches for a thousand years, but you and I both know that’s not happening. The same goes with Rollins…He’s been flirting with the 2.0 WAR line for the last 4 seasons. Plus to lose a guy that’s been your version of St. Louis’ Ozzie (a Lite version), it’s gonna take a toll on the fan base. If you’ve watched any MLB sports show for longer than 30 minutes, you’ve heard all of these reasons a thousand times, so I won’t bore you with them anymore. How am I exaggerating A LOT when they have what some people rank as the 27th…we’ll say “best” to take the sting out of it…farm system in baseball. They have what looks to be a few promising arms, but from what I read, a couple of them are injury prone. Are the Phillies doomed to baseball hell for the rest of eternity? Of course not. But in my opinion, are the next few years going to look remarkably different than the ones we’ve seen in the recent past? I do believe so. I was just making a statement regarding that, and Hamels is a good anchor to go into it with.

          • Jim C 3 years ago

            When did I say shipping out Pence or Victorino was a bad thing? Also I saw what you said about Hamels and then you made that remark about a “storm”, so your “blind fury” statement is inaccurrate. I’m pretty sure I would know what the fan base will be like considering I am a Phillies fan. The only fans that are upset are the ones that don’t understand the condition of their farm and still believe the team can win this year, so when they see guy likes Victorino and Pence traded they don’t understand why. If you take to heart what Buster Onley has to say then I see why almost all of your points don’t have any truth to them. If the Phillies go out a sign a big name next year then everyone will hop right back on their bandwagon. That’s how beat writers works, they praise the teams that are doing well ( as of right now the Reds and A’s) and tear apart the teams that aren’t ( Phillies). That 27th ranking just so you know was before the season, at this point in time it almost doesn’t matter especially now after the deadline and teams like the Angels after the Grienke deal won’t be that high up anymore and teams like the Phillies will climb the rankings after their trades and progress of their raw, low-level, prospects. That is a main reason why they were ranked 27th, almost all of their talent was in A-ball, some have now made the jump to AA. I understand that you probably didn’t know that and that’s why you made those uneducated remarks about their farm. Please get back to me if the Phillies sign a guy like Bourn, Upton, or Hamilton and tell me what your MLB sport shows say then.

          • WeDontNeedToFinPracticeRANDY 3 years ago

            When did I even accuse you of saying that? My point was that you defended them being traded like I had said it was a bad thing, which clearly was never even a thought to me. Let’s get real for a second…stating that only the fans who don’t know the state of the farm system were upset about them being traded. Ok…I think it’s a safe bet that at least 95 percent of every fan of every team has next to no knowledge of their club’s farm. If you don’t believe me, go stand outside of any given stadium and do a survery…Tell them to name the top 5 prospects in the farm. So yeah, it’s going to seem like turmoil to the majority of the fan base. I was simply stating that it’s nice for fans to have this anchor in Hamels (which was the thesis of my entire first post). I feel like there’s more people than just Buster Olney who understand the idea of aging. As for the 27th ranking…the ranking that I found was from ooooooh…yesterday. That 27th ranking isn’t completely irrelevant. In fact, as an internal benchmark, it provides great value. As for the return on Pence and Victorino, you got one projectable catching prospect, with not much else to write home about. Please name one misguided remark that I have made about the Phil’s farm system. All of this talk doesn’t turn back the clock on players’ ages. You’ll need to sign a second Doc for that one…Doc Brown, perhaps.

          • Jim C 3 years ago

            You found an updated farm list? Can you show me the link because I would like to see that, if you went on Baseball America that’s from the beginning of the season. Your misguided remark is acting like the Phillies hve no talent at all, the main reason they were so low is beause most of their guys were still in A ball. Joseph is theonly guy that they recieved as far as apotential difference makers, yes, but he’s not the only guy that will help thir farm climb up the rankings. If the guys lat year , who were considered raw preform well and prove that they are in fact a promising player, their stock will rise causing the Phillies farm to be better. Also I only used Onley as an example, if you read what I said, I then used “beat writers” which refers to everybody that gives the MLB shows their information. So if the Phillies sign one of those guys I named they will all be back on the bandwagon. Also I don’t understand why you are using the word “turmoil.” It’s not like the Phillies were in first place and all of the sudden decided to sell. You’re right that mostly no one knows the farm, but everyone knows where their team is in the standings. The Phillies have been in last a good part of the year and yet they have still sold out every game. If you think fans won’t come because they traded two guys, you’re wrong. Now fans will come to see the younger players that the Phillies should call up. They’re still going to sell out games no matter what. Like I said before though, with the amount of money they have, they will be able to fix some of their holes. But yeah if you found an updated farm list that was posted yesterday please share it with me, but if you just found one yesterday, then nevermind.

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