Since converting to relief full-time in 2007, Madson has been one of the game's most underrated relievers, posting a 2.89 ERA and 1.19 WHIP, relying on a 93-95 mph fastball and terrific changeup. In his first full season as Phillies closer he was 32-for-34 in save opportunities and allowed just two home runs in 60.2 innings. While Madson has missed time each of the past two seasons, neither injury was to his arm -- a hand injury in 2011 when hit by a groundball and a self-inflicted toe injury in 2010.
He's just 31, so maybe it seems like a relatively safe bet by the Phillies. Except it isn't.
I took a look at the 10 largest multi-year contracts given to relievers (according to Cot's Baseball Contracts) and compared the numbers for the 10 relievers before the contract and after the contract, using the same number of seasons as the length of the contract (so if a guy signed a three-year deal, I used his three previous seasons). Here's what we get:
Is Ryan Madson worth a four-year, $40 million deal?
In the 32 combined seasons before signing their deals, the 10 relievers accumulated 71.4 WAR (wins above replacement, from Baseball-Reference.com) and pitched 2,152.1 innings.
In the 32 combined seasons after signing their deals, the relievers accumulated 42.7 WAR and pitched 1,676 innings.
That's an overall decrease in value of 40 percent and a decrease in innings of 22 percent.
Here's a closer look at each of those 10 relievers.
1. Mariano Rivera, Yankees, 2008-10, $15 million
2005-07: 9.6 WAR, 2.08 ERA, 107 saves, 224.2 IP
2008-10: 10.1 WAR, 1.64 ERA, 116 saves, 197 IP
Despite pitching 27 fewer innings, Rivera maintained his value with three more excellent seasons. His 2011 season, the first of another two-year deal that also pays him $15 million per season, was another good one. But Mariano is obviously one of a kind.
2006-08: 2.3 WAR, 3.58 ERA, 92 saves, 211.1 IP
2009-11: -1.3 WAR, 4.73 ERA, 59 saves, 123.2 IP
The Phillies re-signed Lidge after his remarkable 2008 when he didn't blow a save all season, including a 7-for-7 mark in the postseason as the Phillies won the World Series. Even then, however, Lidge should have come with a big warning sign tattooed to his forehead: His 4.5 walks per nine innings in 2008 indicated a pitcher who always lived on the edge. He fell off it in 2009 with one of the worst relief seasons of all time (0-8, 7.21 ERA) and battled injuries the past two seasons.
2006-08: 9.9 WAR, 2.24 ERA, 149 saves, 208.2 IP
2009-11: 4.7 WAR, 2.88 ERA, 83 saves, 197 IP
Like the Phillies, the Mets bought high on K-Rod, signing him after his record-breaking 62-save season with the Angels in 2008. Despite those 62 saves, K-Rod's strikeout rate had declined from previous years and his control had always been spotty. He posted a 2.88 ERA in the three seasons of the deal, but was hardly the dominant closer expected for a $12.3 million salary.
2004-07: 13.0 WAR, 1.94 ERA, 160 saves, 282.1 IP
2008-11: 6.8 WAR, 2.49 ERA, 100 saves, 181 IP
Only Trevor Hoffman recorded more saves than Nathan from 2004 through 2007. Over those four years Nathan allowed a lower OPS than Rivera. Entering his age-33 season, the Twins gave him a big four-year deal. He was terrific for two seasons before tearing a ligament in spring training in 2010 and undergoing Tommy John surgery.
2004-07: 10.1 WAR, 3.06 ERA, 152 saves, 279.1 IP
2008-11: 6.2 WAR, 2.96 ERA, 150 saves, 279.1 IP
Cordero was exactly as advertised: A durable closer who makes you gnaw your fingernails on a nightly basis. He blew 24 saves over his four-year deal with the Reds, giving him a save percentage of 86 percent. In other words, the Reds paid top dollar for a guy who was essentially a league-average closer.
2002-05: 10.8 WAR, 2.01 ERA, 138 saves, 287 IP
2006-09: 5.2 WAR, 2.35 ERA, 101 saves, 203.1 IP
It's hard to say this signing turned out well for the Mets, although Wagner posted good numbers when healthy. In 2006, he blew a 1-0 lead in Game 2 of the NLCS. By Game 7, Willie Randolph had lost confidence in Wagner and left in Aaron Heilman in the ninth inning of a tie game; Yadier Molina homered. In 2007, Wagner blew fives saves, but two of those came in late August and the final one came in late September, in the middle of the Mets' horrific collapse (he allowed three runs in the bottom of the ninth to the Marlins, who would win in 10 innings). In 2008, he missed the final two months as the Mets blew another division lead in September. That led to the club signing Rodriguez for 2009, which meant the Mets paid over $20 million for two relievers. They lost 92 games.
7. Kerry Wood, Indians, 2009-10, $10.25 million
2007-08: 2.1 WAR, 3.28 ERA, 34 saves, 90.2 IP
2009-10: 1.2 WAR, 3.74 ERA, 28 saves, 101 IP
After a solid 34-save season with the Cubs in 2008, the Indians took a chance on the injury-prone right-hander. He had a 4.80 ERA in 81 games with Cleveland, before getting traded to the Yankees at the trade deadline in 2010.
2001-05: 7.5 WAR, 3.25 ERA, 42 saves, 318.1 IP
2006-10: 4.5 WAR, 2.95 ERA, 75 saves, 155.1 IP
Ryan had emerged as a dominant reliever with the Orioles in 2004 and 2005 (he averaged 12.7 strikeouts per nine innings those two seasons), leading then-Toronto general manager J.P. Ricciardi to sign Ryan to mega-deal worth $47 million. The Jays got a great 2006 out of him (38 saves, 1.37 ERA), but then Ryan hurt his elbow and underwent Tommy John surgery.
2007-08: 2.8 WAR, 2.90 ERA, 50 saves, 124 IP
2009-10: 1.5 WAR, 3.41 ERA, 72 saves, 103 IP
Fuentes posted solid numbers with the Rockies, relying on his deceptive left-handed delivery to fool hitters. While he saved 48 games for the Angels in 2009, his big platoon split made his overall numbers mediocre and Mike Scioscia limited him to just 55 innings. The next year, he was traded to the Twins in August.
10. Jose Valverde, Tigers, 2010-11, $7 million
2008-09: 3.3 WAR, 2.93 ERA, 69 saves, 126 IP
2010-11: 3.8 WAR, 2.59 ERA, 75 saves, 135.1 IP
After going 52-for-52 in save opportunities in 2011 (he did lose five games, however, including one in the postseason), the Tigers exercised a $9 million club option for 2012. Needless to say, Papa Grande will be hard-pressed to match his 2011 numbers.
Madson is a good pitcher, but predicting good health for a reliever -- especially a 30-something one -- is clearly a dicey proposition. The Phillies are now of baseball's big-market monsters, so they can afford a $40 million gamble more than most teams, but that's what signing Madson would be -- a very big gamble.
Follow David Schoenfield on Twitter @dschoenfield.