Late last night, word came down that the Dodgers had come to terms with Andre Ethier on a five year contract extension that will keep him out of the free agent pool this winter. The price for keeping him away from the market? $85 million guaranteed with a vesting sixth year option that could push it to $100 million total. There’s no two ways around it – this contract means that the Dodgers will be paying Ethier at a rate that he probably won’t be able to justify for very long.
If we assume that we’re going to see price inflation of 5% per win over the next few years, the Dodgers essentially just paid Ethier for something close to +15 wins from 2013 to 2017, or pretty close to exactly what he’s been worth in previous five year increments in his career.
2006-2010: +13 WAR
2007-2011: +13 WAR
2008-2012: +14 WAR (and counting – likely will end the year with +15 or +16)
There’s just one problem, of course – those five year windows covered Ethier’s 24-28, 25-29, and 26-30 timeframes, but this contract buys his age 31-35 seasons. If you have a guy who is worth about +15 WAR during his prime five years, he’s almost certainly not going to be worth +15 WAR during the first five years after he turns 30. The Dodgers essentially paid for in-his-prime Ethier and will be happy with the contract until age begins to catch up with him. Whether that happens in 2014 or 2016 remains to be seen, but it’s pretty likely that this contract is going to end with the Dodgers giving a significant amount of cash to a guy who isn’t playing well enough to justify the cost.
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