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carpenter extended

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per matt leach --- the cardinals signed carpenter to an extension. he's a cardinal through 2011, with a club option throug 2012. more to come ASAP.

Update [2006-12-4 17:26:56 by lboros]: initial thought, before learning anything about the dollars involved: one thing that jumps right out at me about this deal is that it's a five-year commitment to a pitcher. the cardinals have rarely been willing to consider anything longer than 3 before when dealing with free-agent pitchers. it's a measure of how highly the organization values carpenter: they broke their own rules for him.

Update [2006-12-4 17:32:49 by lboros]: as reported by associated press:

Carpenter had been signed through 2007 as part of an agreement that called for a $7 million salary next year. The Cardinals exercised his 2008 option at $9 million as part of the new agreement and added guaranteed years for 2009, 2010 and 2011 plus a club option for 2012. If the new option is exercised, the deal would be worth about $77 million.
walk through this with me. the 2007-08 years are worth a combined $16m, so if we subtract that from $77m we're left with $61m over the four years of the extension (three guaranteed, one option). that's an average of $15.25m per year for the four extension years (2009-12).

Update [2006-12-4 17:44:28 by lboros]: further news: the package, without the option year, is worth $65m --- which means the three years from 2009-11 are worth $65m minus $16m, or $49m --- an average of $16m a year. no hometown discount; that's the current market rate for aces (zito's being offered $17m a year by the rangers). but the diff'nce is that carpenter will be making that money two years from now, by which time the going rate for aces may be at $20 million . . . .