Rockies Confirm Arenado Extension, Record Deal With Opt-Out Clause

The Colorado Rockies have confirmed their agreement with third baseman Nolan Arenado over a new eight-year contract that will see him remain with the team through to the 2026 season. The player is expected to address the details of the extension during a press conference at 11.30 a.m. EST Wednesday.

Arenado was expected to be one of the biggest free agents on the market next season but the Rockies ensured it would not be the case after agreeing to terms over an extension on Tuesday. The new deal replaces the third baseman’s previous one-year contract for $26 million which was agreed to avoid arbitration in January and it includes a full no-trade clause.

“We have agreed to terms with Nolan Arenado on an eight-year contract that could keep him with the club through the 2026 season,” the Rockies confirmed Tuesday on Twitter.

According to ESPN, the eight-year extension is worth $260 million and includes an opt-out clause after three years, which will allow him to enter free agency in advance of his age-31 campaign. The deal also makes Arenado the highest paid position player in MLB history with an annual average salary of $32.5 million.

The 27-year-old surpasses the $31 million average annual salary benchmark set by Miguel Cabrera’s eight-year, $248 million extension with the Tigers from 2014 and the three-year, $93 million deal that Dodgers ace Clayton Kershaw signed in November, according to MLB.com. He is currently only behind Zack Greinke’s $34.4 million annual average, which is currently the highest in baseball history.

Arenado is highly rated within the Rockies franchise and has played a key role in leading them to back-to-back playoff appearances in the last two seasons. He has averaged 40 home runs and 126 RBI’s over the last four seasons and has won the Golden Glove Award for third base in each of his six Major League seasons.

The four-time All-star has also finished within the top five in the National League MVP voting in the last three years, making his signing a new deal a major coup for the Rockies. Arenado’s extension is the second major deal this month after the San Diego Padres signed Manny Machado to a 10-year deal worth $300 million.

The entire focus now remains on Bryce Harper, who has been the most sought after free agent this winter. The outfielder and his agent are looking for a record-setting deal north of Giancarlo Stanton’s previous record of $325 million over 13-years signed with the Miami Marlins in 2014.