Red Sox Sign Rick Porcello To Four-Year Extension
By Steve Adams [April 6, 2015 at 6:42pm CDT]
The Red Sox announced that they’ve signed right-hander Rick Porcello to a four-year contract extension that covers the 2016-19 seasons. Porcello is a client of Excel Sports Management’s Jim Murray. Alex Speier of the Boston Globe reports (on Twitter) that Porcello will be guaranteed a sizable $82.5MM over the four years. Per Speier, Porcello receives a $500K signing bonus before earning $20MM in 2016 and 2017 then $21MM in 2018 and 2019. Porcello was already slated to earn $12.5MM this season after avoiding arbitration this winter.
For the 26-year-old Porcello, there’s certainly risk involved in taking a long-term deal at this juncture, as he was set to hit the open market just six months from now at the age of 27. However, while he’d have had a chance at a lengthier deal, the $20MM+ annual salary is likely one that few would have foreseen a year ago, when the former first-round pick entered the season with a career 4.51 ERA and a career-high of 182 innings.
Last year’s excellent performance turned Porcello’s fortunes, however, as he worked to a career-best 3.43 ERA in a new career-high 204 2/3 innings. Porcello averaged 5.7 K/9, 1.8 BB/9 and posted a 49 percent ground-ball rate in 2014 — a significant step forward for a pitcher that many have believed to have untapped potential prior to last year’s breakout. Porcello will surrender his first four free agent seasons by signing this deal, but he’ll retain the right to hit the open market again at the age of 30, setting him up for another significant contract.
From the Red Sox’ perspective, the deal provides them with additional certainty in their rotation in the long-term. They’ll now have Porcello under control through 2019, Wade Miley and Joe Kelly under team control through 2018, and Clay Buchholz under team control through the 2017 season.