Twins approve off on Correa’s physical and finalize $200 million contract
Correa passed his physical on Wednesday and inked a $200 million, six-year contract to return to the Minnesota Twins, who have re-entered the most complicated free agent negotiations in baseball history after deals with the San Francisco Giants and New York Mets fell through.
Correa agreed to a contract for up to $270 million over ten seasons provided the All-Star shortstop stays healthy, a cleverly structured deal put together by the Twins to be back in contention after it appeared they’d be outspent twice by larger-market teams.
The agreements with the Giants and Mets were dissolved due to their concerns about the long-term durability of his lower right leg. Correa cracked a bone near his ankle when sliding into third base as a minor leaguer in 2014, and a metal plate was implanted to provide additional support during the surgical repair.
Correa agreed to a $350 million, 13-year contract with the Giants on December 13, and the team set a news conference a week later to announce the deal. That was called off hours before it was scheduled to begin.
Correa and the Mets agreed to a $315 million, 12-year contract that night, with high-spending owner Steve Cohen even officially confirming the deal. However, the Mets expressed worries about the ankle following a physical on December 22, and they delayed signing the contract while attempting to negotiate safeguards over the next two weeks. Boras insisted last month that Correa’s tibia surgery shouldn’t have been a concern.
The Twins had a better understanding of Correa’s health because they signed him prior to last season in a deal that Correa chose not to renew after earning $35.1 million in 2022. Correa only missed time due to an injured finger from being hit by a pitch and a bout with COVID 19. He appeared in 136 games, batting.291 with 22 home runs and 64 RBIs, and led all big league shortstops with an.834 OPS.
The Mets released a 13-word statement following the Twins’ surprising signing of Correa for the second consecutive offseason: “We were unable to come to an agreement. “We wish Carlos the best.”
Correa’s contract with the Twins includes a $8 million signing bonus, half of which will be paid next month and half in February 2024, as well as salary of $32 million in each of the first two seasons, $36 million in 2025, $31.5 million in 2026, $30.5 million in 2027, and $30 million in 2028.
Then it gets more convoluted, as part of the plan to safeguard the Twins until Correa reaches 34. The team has options for $25 million in 2029, $20 million in 2030, $15 million in 2031, and $10 million in 2032, with those payments becoming guaranteed if Correa makes 575 plate appearances in 2028, 550 in 2029, 525 in 2030, and 502 in 2031. The contract could be worth $225 million over seven seasons, $245 million over eight years, or $260 million over nine seasons.
Correa’s option would become guaranteed if he finished among the top five in MVP vote the previous season or won a Silver Slugger award, World Series MVP, or League Championship Series MVP. He receives a no-trade provision.
He would receive a $250,000 extra for winning the MVP title, $100,000 for finishing second in the voting, $75,000 for third, and $50,000 for fourth through sixth. He would receive $100,000 for World Series MVP, Gold Glove, Silver Slugger, or All-Star selection, as well as $50,000 for League Championship Series MVP.
Correa won the 2015 AL Rookie of the Year award with Houston, the Gold and Platinum Glove awards in 2021, and two All-Star appearances with the Astros, who chose him first overall in 2012.
The Twins complimented Correa’s leadership during their first season together, and the Puerto Rican native returned the compliment, frequently mentioning how much he appreciated the town, the ballpark, and the club. He argued all along that the Twins were in the running to keep him, despite the fact that the big spenders were after him during a highly profitable summer for shortstops.
Correa’s average annual salary of $33.3 million is the 11th highest among current players, trailing only Mets shortstop Francisco Lindor’s $34.1 million.
