Tigers public relations head Brian Britten made the announcement on Twitter:
ESPN's Buster Olney fills us in on the numbers:
Sources: Justin Verlander can make $202m under terms of his new deal. He'll get $180m over next seven seasons, plus vesting option of $22m.— Buster Olney (@Buster_ESPN) March 29, 2013
Verlander—the 2011 American League Cy Young Award winner and Most Valuable Player—was signed through the 2014 season.
UPDATE 1:40 P.M. ET:
Brian Britten from the Tigers shares a picture of Verlander signing his contract:
Buster Olney gives a bit more of the specifics (via Brad Galli of WXYZ-TV). Verlander will make $20 million this year and next. From 2015 until 2019, that jumps to $28 million. If the vesting option is triggered for 2020, Verlander will be owed $22 million.
If it does indeed trigger, he will make $202 million from the deal.
UPDATE 1:20 P.M. ET:
Justin Verlander thanks fans on Twitter:
I love this city & the fans - couldn't be more excited to spend my career here! We're going to bring a World Series to Detroit!!!— Justin Verlander (@JustinVerlander) March 29, 2013
UPDATE 1:15 P.M. ET:
Jon Morosi of Fox Sports passes along some more details:
Justin Verlander’s extension is 5 years and $140MM, so total to 7 and $180MM, sources confirm figures reported by Buster Olney.— Jon Morosi (@jonmorosi) March 29, 2013
The 30-year-old Verlander has been a Tiger for life and this deal should keep him a Tiger for the rest of his career.
In eight years with the Tigers, Verlander has a record of 124-65 and a career ERA of 3.40. The fan favorite goes into 2013 with 1,454 career strike outs.
Friday's contract extension announcement puts to bed one of the hot button issues the Tigers faced this season on whether Verlander would test free agency or no. If the contract vests out, he will be the first pitcher in Major League Baseball history to earn more than $200 million in his career.
The parameters of the extension—roughly $28 million per year—will also be a guide to other teams and pitchers such as Clayton Kershaw and the Los Angeles Dodgers as what to shoot for.
The Tigers and Verlander have been a mutual-admiration society. The team and the city of Detroit have embraced him and he has, in turn, embraced the region.
Whether this is an overpay toward the end of his career is not important. He is the face of this franchise now will remain that face into the next decade.