Miguel Cabrera's record $248 million extension is a done deal now, as the Tigers have locked up their superstar to an eight-year extension that commits them to 10 more total years with the two-time MVP, including the two years he had on his previous contract, and could keep them together for as many as 12 years.
The Tigers have called a press conference for today at their spring site in Lakeland, Fla., to announce the agreement, which was first reported by CBSSports.com. The eight-year, $248 million extension is the largest extension in baseball history, and the $292 million guaranteed commitment is also the largest commitment. The $292 million figure was first reported by Foxsports.com.
Cabrera had two years to go and $44 million on his previous $152 million, eight-year Tigers deal, and the extension will be added on top of that.
Cabrera is a defending two-time American League MVP who also has won the last three batting titles. Cabrera, 30, is beloved in Detroit, and around the team, where he has become a positive clubhouse force in addition to the best hitter in baseball.
Cabrera could actually make as much as $352 million with the deal, as there are vesting options for years 11 and 12 at $30 million apiece based on achievements during the deal. CBSSports.com first reported the presence of the 11th and 12th year options. The record deal was negotiated by Fern Cuza and Diego Bentz of Relativity Baseball.
Cabrera breaks the previous record commitment of $275 million by the Yankees for Alex Rodriguez, though A-Rod's deal, signed after the 2007 season, remains the highest single contract.