The Orioles are staying busy even on the off day between Opening Day and the second game of the season. ESPN’s Jeff Passan reported on Friday afternoon that the O’s and Shane Baz are in the process of finalizing a five-year, $68 million contract extension.
That’s a serious vote of confidence in a player who has yet to even throw a regular season pitch for the Orioles and who had a bad ERA in his only full season to date as a major league starter. The team obviously believed in Baz’s breakout potential since they traded four prospects to get him, including two high draft picks from last year’s draft. Now they’ve put an even bigger sign down that they believe in Baz. I am surprised to see Mike Elias finally commit any kind of big, multi-year money to a pitcher. He really is doing things differently now.
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According to Passan, the contract will buy out three years of Baz’s arbitration and two years of free agency. That suggests a deal that is replacing his already-negotiated 2026 salary of $3.5 million; Baz had been set to become a free agent after the 2028 season, three full seasons (minus one day) from now. The Orioles will now control his rights through the 2030 season.
The overall average annual value of the contract is $13.6 million. The structure of the near-final contract has not been reported yet. Extensions like this typically guarantee the player a bit more than they might have made through their arbitration years while paying them a bit less than they might have made if they had hit free agency on a good trajectory. My guess is the team will end up paying Baz in the neighborhood of $28 million over the next three years, with the other $40 million over the final two years of the contract.
That’s a serious chunk of change. It’s also a much lower amount in the total commitment compared to what it would cost to get a pitcher at the top end of free agency. Baz doesn’t have to do much to live up to the contract other than mostly stay healthy and mostly pitch at least like a #3 starting pitcher. That’s actually quite a lot to ask of his career track record, so it is really interesting that the Orioles have done this. I hope they’re right.
How are you feeling about this news? Who do you want to see the Orioles lock up next? Let us know in the comments below.