With the new ESPN television revenue deal kicking in this season, MLB teams have noticeably been spending a lot more money this offseason compared to years prior. In fact, to date, teams have spent approximately $6.5 million per 1.0 bWAR, which is significantly more than the standard five percent year-to-year spike.
But regardless of the incredible inflation spike, some free-agent contracts have still been beyond fair market price. For instance, despite enduring two horrendous seasons in a row, the San Francisco Giants still handed pitcher Tim Lincecum a two-year, $35 million deal.
Read on to see all the MLB players who have already been way overpaid this offseason.
Note: The projected 2014 WARs are based on the "5/3/2" projected-WAR formula. It weighs a player's 2013 WAR at 0.5, his 2012 WAR at 0.3 and his 2011 WAR at 0.2. The sum creates a projection of a player's 2014 WAR.
The projection of WAR beyond 2014 is based on a formula created by Tom Tango and Jeff Zimmerman. The formula assumes players lose 0.5 WAR from ages 28-32 and 0.7 WAR after age 32.
In addition, teams have spent an average of $6.5 million per 1.0 bWAR so far this offseason. A 5 percent year-to-year inflation spike will be based on this figure to project players' values throughout their new contracts.