Wells finally signs contract extension with Toronto
by Bob Timmermann
And this was no regular contract extension for Vernon Wells. It was one for seven years (through 2014) and worth $126 million. According to the AP, it is the sixth largest contract ever signed in baseball.
Wells has the right to terminate the agreement after the 2011 season and has a no-trade clause.
Here is how the payouts go, according to the linked AP story:
Wells is due $5.6 million next season in the final year of his old contract. The extension calls for a $25.5 million signing bonus, payable in three $8.5 million installments each March 1 in 2008, 2009 and 2010. He will receive a salary of just $500,000 in 2008 and $1.5 million in 2009, but his salary jumps to $12.5 million in 2010 and $23 million in 2011. Wells receives $21 million in each of the final three seasons.