BREAKING: Yankees avoid arbitration with Severino, agree to four-year extension
On Friday morning, the Yankees avoided a potentially messy arbitration hearing with their ace by agreeing to a four-year contract with Luis Severino that will buy out all four of his arbitration-eligible seasons. The deal, first reported by Joel Sherman, is for $40 million guaranteed and comes with a $15 million option for a fifth year, or a $2.75 million buyout. Should the deal go to term, Severino will be paid out $52.25 million over five seasons.
Severino package: Sign $2M. 2019: $4M. 2020: $10M— Joel Sherman (@Joelsherman1) February 15, 2019
2021: $10.25M. 2022: $11M
2023 (club option): $15M with $2.75M buyout. So can max out at $52.25M #Yankees
Severino was the lone Yankee not to settle on a contract prior to arbitration, seeking $5.25 million for this upcoming season, while the team countered with a $4.4 million figure. When all is said and done, Severino will earn $6 million in 2019 ($4 million base + $2 million signing bonus), but will be on a team-friendly, guaranteed deal through his age-28 season, with the option year being his age-29 season.
The Philadelphia Phillies agreed on a similar deal with their own ace, Aaron Nola, earlier this week, and the structure of that deal was undoubtedly the framework for Severino’s extension.
Another great note from Sherman, this is the eighth time the Yankees have come to a pre-arb contract extension with one of their players. The previous seven? Tino Martinez, Derek Jeter, Mariano Rivera, Andy Pettitte, Jorge Posada, Robinson Cano and Brett Gardner.
Severino, just a week shy of his 25th birthday, has reportedly dropped 12-15 pounds this offseason after a new workout and diet plan. He is coming off a season in which he went 19-8 with a 3.39 ERA & 1.145 WHIP, however, the second half of the season was marred by pitch tipping and ineffectiveness. He’ll hope to return to ace form atop the New York rotation in 2019.
The Yankees will hold a press conference on Saturday morning to officially announce the deal.
Article by: Andrew Natalizio