Selig Turned Down Five-Year Extension

There have been several past instances of MLB commissioner Bud Selig announcing his retirement plans, and each time those have changed. Jon Heyman of CBS Sports writes that Selig is more adamant than ever this time that he will retire following the 2014 season. Heyman reports that Selig even turned down a five-year contract at the signing of his most recent two-year contract because he has firmly decided to retire at the age of 80.

Selig has been baseball's commissioner since 1992 and is popular among owners with good reason, Heyman notes. Since taking office, baseball has grown from a $1.2 billion industry to an $8 billion industry. Under his watch, 22 new stadiums have been constructed, franchise values have shot through the roof and there will have been 21 years of labor peace at the conclusion of the current collective bargaining agreement.

Selig's post-retirement plans include teaching a history class at the University of Wisconsin and authoring a book. The Milwaukee native says he's proud of what he's done, but the time has come to step down.

Heyman also adds that it will be difficult to find a replacement commissioner. A new candidate would need to pass with a 75 percent vote among MLB owners, and one owner told Heyman, "There isn't a man or woman alive who can get the 24 votes." Selig's contract expires on January 15, 2015, which is two weeks later than originally reported.