It's Official: McLouth Signs Multi-Year Deal

Hours before their scheduled arbitration hearing today, the Pittsburgh Pirates and center fielder Nate McLouth agreed to terms on a three year contract, which includes a club option for a fourth year. The deal includes a signing bonus of $1.5 million and salaries of $2 million for this year, $4.5 million for 2010, $6.5 million for 2011 and $10.65 million for 2012, the option year, with a $1.25 million buyout. The minimum total value for the deal is $15.75 million. There are also escalator clauses in the contract that could increase McLouth's salary in 2010 through 2012. The escalators are based on All-Star appearances and Gold Glove and Silver Slugger awards won. The total maximum value of the deal is $27 million.

The deal provides security, and a hefty raise, for McLouth. It also allows the Pirates to have one of their top players under contract, at a reasonable rate, for the next 3 years. Come 2012, the Pirates can then decide if the team is in good enough shape to shell out a pretty hefty salary for one player. I would imagine if the team is playing well, and making a little more money, retaining McLouth at that price might be reasonable. Of course that is 3 years off, and who knows how well McLouth will continue to play over the next few seasons. But for now, I'm pleased.