MLB Rumors: Manny Machado, Padres Finalizing 11-Year, $350M Contract Extension
After threatening to opt out of his contract, Manny Machado is "finalizing" an 11-year extension with the San Diego Padres worth $350 million, per Jeff Passan of ESPN.
Machado had six years remaining on the 10-year, $300 million deal he originally signed with the Padres in February 2019. Earlier this month, he made it clear that he planned to opt out of the deal after the 2023 season.
"So far this year, I'm a Padre, but who knows next year," Machado told reporters on Feb. 17. "Obviously, the team knows where I stand, my situation, with the opt-out coming. I think I've expressed that I will be opting out after this year, but my focus is not about 2024."
There was a time not long ago when a 31-year-old leaving $150 million on the table would have seemed risky. Last offseason may have played a role in Machado's decision to make it known early he would be testing free agency.
Per Spotrac, all 30 teams combined to hand out contracts worth more than $4.5 billion with 131 free agents signing deals that totaled $3.74 billion. Eight players signed deals worth at least $162 million.
In five seasons with the Padres, Machado posted a .280/.352/.504 slash line and 108 homers. He's been an elite defensive player at the hot corner since making his MLB debut with the Baltimore Orioles in 2012.
Machado ranks 11th in MLB in FanGraphs' defensive value metric since 2012. Nolan Arenado is the only third baseman ahead of Machado on that list.
The Padres have made it clear through their recent long-term signings that they are all-in to win right now. Machado joins a group that includes Xander Bogaerts, Yu Darvish, Fernando Tatis Jr. as players who have signed multiyear deals with San Diego.
By getting a new deal done with Machado, Juan Soto is the next major player the Padres have to worry about re-signing. He is under team control through the 2024 season before being eligible for free agency.
