The contract covers four years of arbitration eligibility and three years of free agency, and includes a $16 million option for 2020. Castro, 22, was projected to qualify for salary arbitration as a "Super Two" player at the end of the year.
More to come, but this is in line with what we expected based on comparable players.
UPDATE: There's an 8th year option for $16 million, which could bring the total value of the contract up to $76 million over 8 years. Over the last few days we found that Castro's projected value made him worth about $58 million over 6 years while comparable players was under $10 million per year. The average annual value of this 7-year contract is $8.57 million.
I added this bit in the post the other day:
We shouldn't see a contract extension for Castro equal those two either. It should be closer to Jose Reyes' extension with a couple more years added on and a small increase in inflation. Say something like 6 years and $48 million. That's below the other two contracts and more overall money than Reyes got, but probably somewhat similar in reality. Castro is similar to Reyes in terms of performance and not at all similar to Hanley and Tulo. So why pay him like he's one of those two?
This is a fine contract for the Cubs. They got the 7th year here, which is a bit surprising and they paid a bit more for it, but overall this is a very good contract for the Cubs.
UPDATE 2: Theo Epstein says that no extension has been finalized.
Theo says nothing finalized on Castro contract. Beyond that no comment.
— Doug Padilla (@ESPNChiCubs) August 18, 2012
A deal is done. No it isn't. We've seen this before.
UPDATE 3: Jon Heyman says on twitter that a $1 million buyout is part of the $60 million.
the 8th year option on castro deal will be $16M. buyout will be $1M (the $1M counts toward the $60M guarantee).
— Jon Heyman (@JonHeymanCBS) August 18, 2012