The Twins announced that they have signed All-Star closer Glen Perkins to a new, four-year contract extension that runs through the 2017 season. Minnesota has now promised Perkins $22.175MM in total, including $14.1375MM in new money.
Perkins will earn $4.025MM in 2014, $4.65MM in 2015, $6.3MM in 2016 and $6.5MM in 2017. The contract contains a club option for the 2018 campaign that is also worth $6.5MM and comes with a $700K buyout. If Perkins is dealt, the 2018 term becomes a player option. He also receives a three-team no-trade clause.
By restructuring and extending Perkins' contract, the Twins have added an additional two years of team control. Perkins' extension overwrites his previous deal — a three-year, $10.3MM extension signed prior to the 2012 campaign that included a $4.5MM option for 2016. Under his old contract, the Minnesota native and Relativity Baseball client was set to earn $3.9875MM this coming season (after the original base salary was bumped up by performance escalators). The escalator and performance incentive provisions of the old contract are not a part of the new deal.
Perkins, 31, had previously been guaranteed $7.8MM over the next two seasons, and that figure now jumps to $8.675MM. Essentially, he receives a raise of $875K over his remaining guaranteed seasons, and the Twins pick up extra two guaranteed years at $13.5MM total, including the buyout on the 2018 option.
Over the past three seasons, the former first-round pick and Minnesota Golden Gopher has pitched to a sterling 2.45 ERA with 10.2 K/9, 2.4 BB/9 and a 43 percent ground-ball rate. He made his first All-Star team last season and has saved 52 games for the Twins since taking over as the team's full-time closer midway through the 2012 season. ERA estimators FIP (2.71), xFIP (2.90) and SIERA (2.51) all agree that his skill-set over the past three years has been that of a sub-3.00 ERA pitcher.
From his standpoint, it's not hard to see why Perkins would be interested in guaranteeing himself financial stability through at least the 2017 season; relievers are rarely extended in the first place — particularly when they're at least two years away from free agency. Indeed, Darren Wolfson of 1500 ESPN reports (via Twitter) that Perkins approached the Twins about working out a new deal.
On the other hand, the Twins effectively secure a pitcher who has emerged as one of the game's best late-inning relievers for a price that likely would have been inflated on the open market. This winter, situational left-handers such as Boone Logan and Javier Lopez signed contracts that guarantee them $16.5MM and $13MM, respectively, over three seasons. Were he to have hit free agency with the capability to neutralize both right- and left-handed batters and also with a good deal of closing experience, Perkins' open-market value would likely have exceeded those deals.
However, with two guaranteed years and an option remaining, there was quite a bit that could have gone wrong in the meantime, and Perkins clearly prioritized financial security and the allure of pitching in his home state. This could be a win-win extension, should Perkins continue on his current trajectory, as he would receive an abnormal amount of security for a reliever at a rate that he potentially could have topped on the open market.
MLB.com's Rhett Bollinger tweeted the annual breakdown and added that the 2018 club option will become a player option if Perkins is traded. Phil Miller of the Minneapolis Star Tribune tweeted the value of the option year buyout. Mike Berardino of the St. Paul Pioneer Press tweeted the details of the no-trade clause, added that the new contract did not contain incentives or escalators, and broke down the new money added through the deal.
Photo courtesy of USA Today Sports Images.
Great extension, and good to see Minnesota locking up another native fan favorite
Not a good signing, the twins have so many holes that a closer is not necessary, this teams needs real starters and bats, not a closer.
Lockdown lefties who throw hard and get righties out are always valuable.
Its always risky to sign relievers long term but the Twins got a very nice hometown discount on this deal, good signing.
Great move by the Twins! Perkins is one of the best closers in the game these days, and should remain effective for a good long time.
What good is a closer on a 90+ loss team?
I imagine the twins intend to not be a 90 loss team throughout this deal. And if their specs never pan out, he’s easy to move, and if he fails, it’s minimal money that it won’t affect the team.
There is little to not like about this deal for the twins, even if closers in general are over-rated
Good deal…gives the player and the team some certainty as they build. Twins are heading upward.
There really is no other place to go for the Twins…..
Neutral.
A 3 team no trade clause, strange. There must be some places he really doesn’t want to go
He can likely change the teams each season.
Seems like an odd extension considering they already had control for two more years, but a good deal, Perkins has really flourished in the BP.
Wow! Very nice hometown bargain for the Twins. And a nice surprise for the fans, to boot.
Glen was a first-rate closer last year. His consistency was very impressive. He just mowed ’em down all year long with barely a bump in the road.
Nice job by the twins, but if they are truly rebuilding trade Willingham and Mauer
Mauer has a full no-trade clause. Not happening. Besides, it’s very unlikely they’d get a better value with the $23MM they saved. Mauer is a perennial contender for the batting title.
Willingham, on the other hand, is worth very little unless he starts the season on a tear.
Wait until you get your eyes on Buxton and Sano in MN…been watching them in the minors the past few seasons..you’ll want Mauer and as much pitching on hand as possible… because the Twins might get better in a hurry
I believe this is a BAD move. Relievers die into their 30’s and 4 years is way too many. His value is high right now and the Twins are down. He should have been moved for prospects. Just my opinion, I guess we’ll see?
It is a long commitment for a reliever; however, Perkins is pitching like a top shelf closer, he is picking up saves and K’s which arbitration rewards handsomely, but this extension is paying him the AAV a middle reliever would receive. I call that a win for the Twins, plus his trade value may actually go up given the team friendly nature of this deal.
If a deep-pocketed team like the Red Sox, Blue Jays, Yankees or Dodgers decides they want an elite closer for a few years, they might trade a legitimate position player or good prospects for a guy like Perkins with his newly extended contract.
I believe this is a BAD move. Relievers die into their 30’s and 4 years is way too many. His value is high right now and the Twins are down. He should have been moved for prospects. Just my opinion, I guess we’ll see?
Extending closers is silly.
It’s only silly if you’re paying them high-end “closer” money, which appears to be in the $8-12MM AAV range and rising. Which is just ridiculous.
Glen is getting paid about half of that, what seems to be elite “set-up man” money or what you’d expect from a lower-tier closer. At this rate, he’ll earn his keep.
The Twins already had him locked up through 2016 for 12 million which is his age 33 season. Did they really need to take his age 34 and 35 years for over 10 mil? It might work out but it seems a fair bet this is a needless overpay.
Take a look at the contracts lower quality middle relievers signed this offseason:
Boone Logan: 3/16.5 MM
JP Howell: 2/11.5 MM
Edward Mujica: 2/9.5 MM
Perkins for 4/22 MM is not an overpay
I understand that but they already had him for the first three years of that 4/22 for 12 mil. making his 4th year an add to the Twins of 10 mil. Hard to predict his value at age 34 but i bet 10 mil is an overpay.
They gained two years of control for $13.5 million which is a bargain. I’m also seeing different numbers from different websites on what his old contract paid.
Also, consider that Brian Wilson and Jim Johnson are getting paid double what Glen is.
Seems like a 5-6 million dollar discount to me. I’ll take it.
Perk has definitely made me think a lot better of him than I used to. He acted like a punk before, but now he’s one of the leaders and easily the best reliever.
On the question of taking a discount, Perkins: “I’ll take a $22 million discount any day. I want to be here. That’s more money than I’ll ever need.” Pure class, people.
Not to mention the ability to keep things in perspective!
Gotta feel good about this if you are a twins fan.
Won’t hurt the team, potentially gain a lot in the process. Very under rated closer