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Ramirez and Wood Sign

Submitted by cubsnet on Sun, 2006-11-12 17:34.

Apparently it just took getting past the exclusive negotiating window and out in the open market for Aramis Ramirez to realize he wanted to stay a Cub. Ramirez agreed "Sunday to a $73 million, five-year contract with the Chicago Cubs," reports the AP. Adding to the good news, in my estimation, is the re-signing of Kerry Wood. Wood agreed "to a $1.75 million, one-year deal that could be worth up to $6 million." Excellent; it would have been too weird to see him in another uniform. Wood belongs in Wrigley Field, helping the Cubs to its first championship since 1908. Wood's "performance bonuses are based on games pitched, games finished and time on the 25-man roster."

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A comment on Wood's contract

Submitted by cubsnet on Sun, 2006-11-12 22:04.

Ramirez may have been able to get more elsewhere. I'm not entirely certain. But I'm fairly certain Wood would have. I'd love to see him succeed in a big way in 2007 (likely as a reliever), and sign a longer term contract after the season.

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Did Aramis Ramirez miss Sammy's birthday bash?

Submitted by diana on Mon, 2006-11-13 16:17.

I am wondering if Aramis Ramirez missed Sammy's birthday bash as a result of spending the time to finish up signing with the Cubs.

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Happy Birthday Sammy Sosa!

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Ramirez to get at least $75M

Submitted by cubsnet on Tue, 2006-11-14 22:57.

"Third baseman Aramis Ramirez actually is guaranteed $75 million in his new five-year deal with the Cubs, not the $73 million that was initially reported," reports FOXSports.com's Ken Rosenthal. "The extra $2 million, according to sources with knowledge of the contract, comes from a buyout if the team fails to exercise his option for 2013."

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Ramirez contract details

Submitted by cubsnet on Wed, 2006-11-22 12:06.

Maury Brown at Baseball Prospectus has further details on Ramirez's contract:

The contract starts at $8 million with a $5 million signing bonus for next season; from there, the numbers jump, to $14 million in 2007, $15.65 million in 2009, $15.75 million in 2010, a $14.6 million player option in 2011, followed by a $2 million buyout clause of a mutual option for 2012.

(Hat tip: Rob G. at The Cub Reporter.)

Cot's Baseball Contracts says of the 2012 option: "may become guaranteed based on Ramirez' performance; may be voided (Ramirez forfeits $2M buyout if he voids); must be exercised by any club acquiring Ramirez by trade in 2011"

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