The Phillies made the first major splash of the offseason by signing Jonathan Papelbon to a borderline absurd four-year, $50 million contract. The market was clearly flush with closers, or relievers capable of closing, and the Phillies paid a max type of contract for a 65-inning pitcher. Financial wiggle room was a concern before the move and the opportunity costs both realized and hypothetical — bidding farewell to homegrown talent Ryan Madson and perhaps prohibiting themselves from making more important moves elsewhere, respectively — suggested it was a poor move.
However, even without the Phillies context, signing any closer for that much money, over that many guaranteed years, is foolish. Relief pitchers are statistically fickle and don’t really offer a decreased level of injury risk. Over such a small sample of innings, it’s easy to temporarily mask true talent levels, especially when considering the general difficulty in evaluating relievers. By signing Papelbon to such a large deal that early in the offseason, the Phillies explicitly acknowledged their view that he was, by far, the best available option, and one worth spending big bucks on.
In this particular offseason, with so many viable closing options available, nobody is worth spending much money on since the differences between the closers are mostly nominal. The fact that so few closers were signed early in the offseason — besides Papelbon, both Joe Nathan and Jonathan Broxton signed lower-risk deals — indicates that teams are growing wary of doling out big bucks to pitchers occupying an overstated role. In the context of the current offseason, many teams are waiting to sign a closer, allowing the market to settle in order to ink one to a team-friendly deal.
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