Correa will sign with the Minnesota Twins | The Boneyard

Correa will sign with the Minnesota Twins

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This article explains some of the details of the vested contract. If Correa gets 502 plate appearances in year 6, then he will be able to continue to receive additional years with the Twins for up to $70 mil more as stated in the schedule.
If he vests year 7 he will receive $225 mil
If he vests year 8 he will receive a total of $245 mil.
It ends with 10 years and a total of $270 mil.

YearSalary
2023$33.3 million
2024$33.3 million
2025$33.3 million
2026$33.3 million
2027$33.3 million
2028$33.3 million
2029*$25 million
2030*$20 million
2031*$15 million
2032*$10 million
*Indicates vesting year.

Correa can vest Year 7 (2029) of the deal with 502 plate appearances in Year 6.
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The Twins are offering a front loaded contract of $200 mil guaranteed for the 1st six years, while the Mets only offered $157.5 mil for the 1st 6 years.
The Mets 2nd 6 years were conditional and Correa couldn't get past the language according to John Heyman.
In the end, it's a win for the Twins and the American League.



Also: Bleacher Report Jan. 10. 2023 by Adam Wells

Report: Carlos Correa, Twins Agree to $200M Contract After Failed Mets, Giants Deals

 
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According to the AP, these are the vesting terms:

"Minnesota’s deal includes options for $25 million in 2029, $20 million in 2030, $15 million in 2031 and $10 million in 2032, salaries that would become guaranteed if Correa has 575 plate appearances in 2028, 550 in 2029, 525 in 2030 and 502 in 2031. The deal could be worth $225 million over seven seasons, $245 million over eight years and $260 million over nine seasons.

Correa’s options also could be triggered by a top-five finish in MVP voting, a Silver Slugger award or World Series or League Championship Series MVP."

 

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This is the Twins press conference connected to the signing that was streamed live.
The comments made by everyone involved are very enlightening toward explaining why the Twins medical opinions differed compared to the other teams.
Other feedback indicate how teams can play games with their medical opinions to use as a negotiating tactic.
And that's where Boras did his job.
From another article, Boras' standard fee for sports contracts is 5% of the total contract value.
Only time will tell if Correa can continue his trajectory to make it into the Hall of Fame someday.
At this point he has bet on himself & the Twins by deciding to play with an underdog team.

 

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The Mets could have matched the same 6 year offer that the Twins made.
But according to the NY Post, the real reason for not signing Correa was MLB's 90% luxury tax.

Cohen famously told me “what difference does it make” over the relatively small extra money he was spending (for him), but ultimately, there are lines for everyone, even him. Cohen is paying a 90 percent tax (the Steve Cohen tax) so that $33M is really $63M a year. Correa is really good. But is he that good?

The Twins, below the tax threshold, pay only the $33.33M salary, and no additional tax. So Cohen would have been paying double had they finalized the deal.

For those who figured Cohen has no limit, we may finally have found it.

 

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For those who want to see the actual terms of the Correa contract in one place, here it is on Spotrac.

 

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In separate interviews with Correa & his agent Scott Boras, they each said that both the Giants and the Mets used the same ankle specialist who "red flagged" his ankle evaluation, a doctor who had never met or examined him.
Meanwhile other ankle specialists told Correa that he would be fine based on his functionality.
Correa was interviewed by The Athletic and Boras was interviewed by the Pioneer Press.



 

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