Choose Your Own $38 Million Starting Pitcher
Yesterday, Tyler Chatwood signed with the Cubs for $38 million over three years. Given his velocity and run prevention at altitude, there’s a reasonable case to be made that Chatwood comes with enough upside to make this a very intriguing bet by the Cubs.
But while Chatwood remains interesting, one thing he can’t be described as is durable. He’s had Tommy John surgery twice (once in high school), missed nearly all of the 2014 and 2015 seasons, and has never thrown more than 158 innings in a season. The history of guys who have already had Tommy John revision surgeries is not very good, and quite simply, Chatwood’s health is a legitimate question mark. While the Cubs bought some real upside here, there is also a non-zero chance that they just spent $38 million to watch Chatwood spend most of the next three years rehabbing his elbow.
So, if we were plotting all pitchers on a risk/reward graph, Chatwood would be about as far from the middle of the graph as a point gets. Interestingly, though, the market also recently decided that the guy at the very opposite end of this spectrum is also worth $38 million over three years.