The Cubs announced Tuesday afternoon that they have agreed to a four-year extension with Kyle Hendricks, who had two years remaining on his rookie deal. This will carry Hendricks through 2023 with a team option for 2014, though no other details are known as of post time. More to come as Theo Epstein discusses the the deal from Mesa.
Update: Per Ken Rosenthal of The Athletic, the deal is for $55.5 million in new money. Hendricks will receive his $7.405 million for this season, which brings the total value of guaranteed salary to $63 million. Under the terms of the extension, the righty will earn $12 million in 2020, then $14 million in each of the three following seasons.
There is then a vesting option — not a team option as first reported — for 2024 that kicks in based on Cy Young finish in 2020. There is a $1.5 million buyout on that option and the deal also includes $3 million season in Cy Young escalators. All told, it could max out at $79.8 million.
Breakdown on Hendricks, per source.
2024: $16M vesting option or $1.5M buyout.
Option vests based on Cy finish in 2020. NOT a club option.
Deal also includes $3M per season in Cy escalators. Can max out at $79.8M.
— Ken Rosenthal (@Ken_Rosenthal) March 26, 2019
Update #2: In a bit of clarification on the ’24 option, it vests with a top 3 CY finish in ’20 and becomes a club option otherwise. So it’s actually both.
“I love everything about being a Chicago Cub,” Hendricks said during the press conference to announce the new deal. “I love everything about the city, about the fans and and especially about my teamamtes in the clubhosue. That’s where my focus is at. Our focus 100 percent is on Thursday and the season.”