Left-hander Blake Snell and the Dodgers reportedly agreed to a deal a week ago and the club officially announced it on the weekend, but the finer details of the pact are still trickling out. Per Jon Heyman of The New York Post (X link), the $182MM guarantee breaks down as a $52MM signing bonus followed by $26MM salaries in each of the five years of the deal, though with $13.2MM deferred annually without interest. There’s a $5MM assignment bonus if Snell is traded. Additionally, there’s a $10MM club option for 2030 under certain conditions: if Snell hasn’t been assigned to another club and has 90 or more days in a row on the injured list due to specific injury.
Many of these details came out in the initial reporting, including the guarantee, the signing bonus, the assignment bonus and that there were significant deferrals. However, the deferrals are slightly higher than initially thought. The numbers reported last week were $13MM in annual deferrals for a total of $65MM, but we now know that it’s slightly higher than that, with the $13.2MM annual figure actually getting the total number of deferrals to $66MM. Per Bob Nightengale of USA Today (X link), the MLBPA calculates the net present value of the deal at $150.336MM.
But the conditional option is the most significant new development today, as there was no prior reporting about Snell’s contract extending into the 2030 season in any way. Now it’s known that the Dodgers could potentially hold onto Snell for a sixth year, though only under certain circumstances.
Given the conditions, it seems it gives the Dodgers a bit of an insurance policy in the event Snell ends up with a significant injury over the course of the deal. Presumably, the specific injury would involve something related to his pitching elbow, whether that’s Tommy John surgery or some internal brace alternative. Such surgeries have become increasingly common in baseball in recent decades but still require pitchers to spend upwards of a year recovering.
Assuming that is the specific injury covered in the contract, the Dodgers would have the choice of keeping Snell around for an extra year, compensating them in a way for the lost year. Snell will be 37 years old by the time 2030 rolls around, so it’s anyone’s guess what kind of form he will be in at that point, especially if there’s a notable injury along the way. But $10MM is already not a lot of money for a starting pitcher.
Last winter, veteran back-end guys like Kyle Gibson and Lance Lynn got $13MM and $11MM guarantees on one-year deals, respectively. Wade Miley and Alex Wood were not far behind at $8.5MM. Inflation generally pushes salaries up over time, so those kinds of deals might creep up a bit between now and 2030.
It’s also possible Snell’s future talent level is above where those guys are now, given that he’s a two-time Cy Young winner and has had a more impressive peak than anyone in that group. Not all pitchers can maintain that kind of performance into their late 30s, but those who do are handsomely rewarded. Max Scherzer, Justin Verlander and Zack Wheeler were each recently able to secure salaries of $42MM or higher for deals that covered their late 30s or early 40s, so Snell at $10MM could be a massive bargain if he continues to pitch well over the course of the deal.
The fact that the option is also conditional on Snell not being assigned to another club is also interesting, as it could reduce the chances of Snell being traded while hurt. Robbie Ray underwent Tommy John surgery while with the Mariners and found himself traded to the Giants before he recovered from that procedure. If Snell ends up missing some time and unlocking that option for the Dodgers, they might be more inclined to keep him and take advantage of that option. All of this is moot for now, but it could become relevant down the line, depending on how things play out in the next five years.
