Cubs Sign Carlos Zambrano To Extension

According to Ken Rosenthal, the Cubs have inked Carlos Zambrano to a five-year, $91.5MM contract extension.  The deal also has a $19.25MM player option for a sixth year, so you might as well call it 6/111. 

By waiting, the Cubs cost themselves at least $11.5MM.  It’s unclear as to whether the original 5/80 deal Zambrano almost signed had a player option.  The new contract carries Zambrano through his age 31 season.

This is a home team discount, but $18.3MM annually guaranteed is still pretty hefty.  The discount is that the Cubs are on the hook for five or six years instead of seven or eight.  And sure, Z probably could’ve gotten $20MM on the open market.  The deal would look a lot better for the Cubs if the 2013 option was the club’s.  As a player option, Zambrano will basically only exercise it if he’s in bad shape.

I’ve been back and forth on my opinion of a huge Zambrano extension, kind of like the pitcher’s up and down season.  Part of me says that the Cubs got a slight discount, Zambrano’s been an injury-free horse, and he’ll still be pretty young throughout the deal.  The other side of me says that his best years are behind him, he’s got a ton of mileage on his arm, and almost no free agent pitcher deal of this magnitude could possibly work out.  I think you could make a legitimate case for either side – sorry for the cop out.   

The free agent pitcher market is significantly worse for Zambrano’s absence.  The best option now appears to be Curt Schilling on a short-term deal, if you can get him.