According to Joel Sherman of the New York Post the Phillies agreed to sign Cole Hamels to a three year contract worth $20.5MM.
Jon Heyman has the details. Hamels makes $4.35MM this year, $6.65MM in 2010 and $9.5MM in 2011. If Hamels wins the Cy Young his contract goes up by $500K the following season and he’ll get a $250K raise the year after a second or third place finish. Presumably he’d get an immediate bonus if he finishes in the top three in voting in the deal’s final year.
According to Sherman, Hamels is in line for additional bonuses of $100K, $75K and $50K if he finishes first second or third in Cy Young or MVP voting. If he’s the World Series MVP he makes $100K and if he’s the LCS MVP or on the All Star team he gets a $50K bonus. Hamels, who has a .390 OPS as a hitter, makes $25K for winning a Silver Slugger or a Gold Glove.
Hamels made $500K last year and was arbitration-eligible for the first time. The new deal doesn’t cover any of his free agent years.