MLB Rumors: Zack Wheeler, Phillies Agree to Historic 3-Year, $126M Contract Extension

After securing a long-term commitment from Aaron Nola in free agency, the Philadelphia Phillies have reportedly taken care of Zack Wheeler.

Per ESPN's Buster Olney, Wheeler has agreed to a three-year, $126 million extension that "is the highest annual salary for any contract extension ever."

Olney added more details on the $42 million-per-year extension:

Nola was the first major free-agent domino to fall this offseason when he inked a seven-year, $172 million deal to remain in Philadelphia.

"This is the most comfortable place for me," Nola said of his decision to stay with the Phillies. "Everybody in this organization is so good and has been so committed to winning and committed to the players. The relationships that I've made, that's going to last a lifetime, and I feel like it would be hard to get away from those people."

Nola's connection with the Phillies dates back to 2014 when they selected him with the No. 7 pick in the MLB draft.

Wheeler's ties to the Phillies don't run quite that deep, but he's established himself as one of the best pitchers in baseball during his four seasons with the club. The 33-year-old originally joined the team on a five-year, $118 million pact signed in December 2019 after starting his career with the New York Mets.

The 2024 season was set to be Wheeler's last year under contract to the Phillies based on the terms of his original deal.

Since the start of the 2020 season, Wheeler has finished in the top 12 of NL Cy Young voting three times, including a runner-up finish in 2021. He leads all pitchers in FanGraphs' wins above replacement (19.3), ranks fourth in innings pitched (629.1) and fielding independent pitching (2.90) during that span.

Wheeler's age—he will turn 34 on May 30—does make this a risky proposition for the team, but he's been incredibly durable since missing all of 2015 and 2016 with the Mets due to complications from Tommy John surgery. He's made at least 26 starts in each of the past five seasons with at least 162 games (excluding the COVID-19-shortened 2020 campaign).

The Phillies have left no doubt they intend to stay all-in as they attempt to get over the final hurdle and win a World Series for the first time since 2008. Nola, Wheeler, Trea Turner, Bryce Harper, J.T. Realmuto, Nick Castellanos and Kyle Schwarber are all under contract through at least 2025.

Philadelphia has advanced to the NLCS in each of the past two seasons, including a trip to the World Series in 2022. A rotation led by Wheeler and Nola should keep this team at that level for 2024 and beyond.