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The San Diego Padres and third baseman Manny Machado have agreed to an 11-year, $350 million contract extension, the team announced Tuesday. Machado had initially signed a 10-year, $300 million deal with the Padres prior to the 2019 season, but there was an opt-out on his deal after this coming season. Machado had made $108 million of that deal and was set to make $32 million this season, but now he's secured this extension that'll likely keep him in San Diego for the rest of his career. On that front, there are no opt-outs in the deal this time around, reports The Athletic.

Machado, 30, hit .298/.366/.531 (159 OPS+) with 37 doubles, 32 homers, 102 RBI, 100 runs and 6.8 WAR last season, finishing second in NL MVP voting and making his sixth All-Star team. It was arguably the best year of his career, a career that is trending toward having a Hall of Fame resume. It was the fourth time he's finished in the top five of MVP voting while also being his highest finish. The 2023 season marked Machado's fifth 30-homer season and third 100-RBI campaign. 

The Padres went 89-73 and secured a wild-card spot, which they rode to the NLCS.

News of Machado possibly agreeing to an extension picked up in the past two weeks, even as he declared a pre-spring training deadline for negotiations. 

This is particularly notable with the Padres continuing to spend so much money, especially far down the road. Fernando Tatis, Jr. has a 14-year, $340 million deal that runs through 2034. Xander Bogaerts was signed in free agency in December to an 11-year, $280 million deal. Yu Darvish recently signed a six-year, $108 million extension that takes him through 2028. Joe Musgrove is signed through 2027. And now we can add the Machado deal to the books. 

Give Padres ownership credit. While other small-market teams are whining about money, the Padres are acting like one of the richest teams in the majors. They have now secured one of the best third basemen in baseball for the rest of his career.