The Mariners openly referred to Hisashi Iwakuma as their No. 1 offseason priority. Then they saw him reach a three-year agreement with the Dodgers worth $45 million, so they gave up, because they had to, and moved on to Wade Miley. Just days ago, Jerry Dipoto said he was basically done tweaking the roster. Everything was more or less set where he wanted. But you can’t predict random chaos. See, there are contracts that are agreed to, and there are contracts that are official. Before Iwakuma’s Dodger contract could become official, he had to pass a physical exam, and he failed it. As soon as Dipoto heard about that, he got ownership approval and moved in. I just finished watching a press conference announcing Iwakuma’s return to Seattle.
It happened fast, and Jon Heyman has the terms. Earlier Thursday, word spread Iwakuma had failed the physical. By Thursday night, the Mariners said they had him re-signed. Iwakuma gets a $1-million signing bonus, and a $10-million salary for 2016. Then there are $10-million club options for the next two years, with $1-million buyouts. That’s not the end of it, though — there’s a $14-million vesting option for 2017, if Iwakuma throws 162 innings this coming year. And there’s a $15-million vesting option for 2018, if Iwakuma throws 162 innings the next year, or 324 innings combined. Throw in some smaller incentives and Iwakuma’s maximum contract is right there with the Dodgers total. It’s just that the guarantee is $12 million. Pretty obviously, Iwakuma lost a lot of leverage.
Still, if he believes in his health, he’ll get his money. Iwakuma says he’s good to go, and so do the Mariners. It’s worth thinking about a few things. The Dodgers gave 3/$45m, and then wanted to re-negotiate after the physical. The Mariners gave Iwakuma an end-of-season physical, and they offered him 2/$30m. They initially lost out to the Dodgers because they weren’t comfortable with the guaranteed third year. What that suggests is that anything in the tests is more of a longer-term concern, and now the Mariners have some protection.
Not that we know how this is going to go. Maybe Iwakuma breaks down immediately. Or maybe this turns out like when Aaron Sele failed a physical with the Orioles. That scrapped a four-year commitment. Sele signed a two-year commitment with Seattle and pitched effectively. He eventually had shoulder surgery three years out (from which he returned). Iwakuma will be 37 in 2018 so he’d be a risk no matter what. The value here will be at the front.
Over three years, Iwakuma has Stephen Strasburg‘s ERA-, Scott Kazmir‘s FIP-, and Madison Bumgarner’s xFIP-. He projects now as a No. 2 or No. 3, and he sets up a battle between Nate Karns and James Paxton for the last rotation slot. That depth is likely to be needed, although now there’s some chance the Mariners re-visit trade talks, dangling a pitcher they didn’t think they could move. The likelihood is someone just starts in Tacoma. Some kind of injury somewhere is to be expected.
The Mariners didn’t expect to get a few wins better like this, but Iwakuma fell back in their lap, and they couldn’t pass up the opportunity. It’ll help them be competitive with what’s become a deep rotation. On the Dodgers’ end, they walked back from the three-year commitment because they were no longer comfortable with it. It’s mostly bad luck, but now this just increases the urgency they would’ve been already feeling to make the rotation better. They can’t know what to expect from Hyun-Jin Ryu. They can’t know when to expect Brandon McCarthy. There will always be questions about Brett Anderson and Alex Wood, so it’s a guarantee the Dodgers add one starter, and there’s a big chance they add two. This isn’t a catastrophe for them — they didn’t want to give all that money to someone they think is an injury risk. Nothing wrong with that. But to this point it’s been an offseason of missed opportunities. The good news is I think the Dodgers almost prefer to be creative.
