Lance McCullers Jr. to Remain an Astro
The week before the regular season begins is usually extension season, as teams and players scramble to complete deals before the day-to-day rigors of playing baseball for six straight months get in the way of discussions. While this year hasn’t seen many extensions so far, it hasn’t seen none; on Wednesday, the Astros signed Lance McCullers Jr. to a five-year, $85 million extension, as FOX 26’s Mark Berman first reported.
McCullers would have reached free agency after this year; all five years of his extension would have been free-agent years, which makes comparisons easier. This deal is essentially a pre-agreement to a free-agent contract, with none of that squirrely nonsense of buying out arbitration years or extra team options on the end. Five years and $85 million, simple as that.
How does that rate look next to comparable free agents? For once, I’m stumped. The pandemic-shortened season, and teams’ subsequent financial retrenching, makes using past years as a guidepost a poor idea. Madison Bumgarner, for example, signed a five-year, $85 million deal — the exact terms! — but did so before the world changed. This offseason, no comparable pitchers hit the market; the only pitcher who signed a multi-year deal with an average annual value above $10 million was Trevor Bauer, and that’s not a useful comp here either.
You could, if you were so inclined, use Dan Szymborski’s research from last week that estimated the cost of one WAR in future years. The estimate has wide error bands, because it’s based only on multi-year contracts signed this offseason, but it looks like so:
Year | $/Win ($Millions) |
---|---|
2021 | 4.81 |
2022 | 6.37 |
2023 | 7.34 |
2024 | 8.83 |
With that in hand, we next need to estimate how good McCullers will be in the relevant 2022–26 timeframe. Luckily, ZiPS has us covered there as well:
Year | W | L | ERA | G | GS | IP | H | ER | HR | BB | SO | ERA+ | WAR |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2022 | 8 | 6 | 3.92 | 22 | 21 | 110.3 | 97 | 48 | 13 | 42 | 120 | 112 | 2.0 |
2023 | 7 | 5 | 3.82 | 21 | 20 | 108.3 | 94 | 46 | 13 | 41 | 119 | 114 | 2.1 |
2024 | 7 | 5 | 3.82 | 19 | 18 | 99.0 | 86 | 42 | 12 | 37 | 109 | 115 | 1.9 |
2025 | 6 | 5 | 3.87 | 18 | 17 | 93.0 | 81 | 40 | 11 | 35 | 103 | 113 | 1.7 |
2026 | 6 | 4 | 3.92 | 17 | 16 | 87.3 | 76 | 38 | 11 | 33 | 98 | 112 | 1.6 |
With the projection in tow and a cost per WAR (I added $250,000 per year after the years in the table), we can just do the math. That’s a 9.3 WAR projection overall, and after applying the relevant yearly multipliers, the projections would suggest a $75 million contract. That implies the Astros overpaid, but take a gander at those innings projections. McCullers’ past injury history leads ZiPS to a pessimistic playing time assumption. An extra 15 innings per year would move the deal up to fair value. So would four seasons of 150-inning production and a single missed season. In other words, it comes in pretty close to what we’d expect after accounting for his skill and risk factors.