Long-term contracts down significantly
Updated: February 13, 2009, 11:17 AM ETBy Buster Olney
There are only a handful of primary free agents remaining, from Manny Ramirez to Orlando Hudson to Garret Anderson to Tom Glavine. Here's another update on the offseason spending, courtesy of Mark Simon of ESPN Research. The Yankees have spent $441 million on free agents this offseason. The Cubs rank second, having spent just over $88.4 million. • The next six teams after the Yankees and Cubs ranked by spending are the Braves, Mets, Dodgers, Phillies, Angels and Giants. They've combined to spend $432,730,000 on free agents ($8.27 million less than the Yankees). • Contracts of three-plus years are down significantly from two years ago. This offseason, there have been 14 free agent contracts of three-plus years. Last offseason, there were 13. But in the 2006-07 offseason, there were 33 contracts of three-plus years. As far as percentages go • In this offseason, there have been 20 free agent contracts signed with an average value of $6-plus million. Two offseasons ago, there were 40 such contracts! • The average free agent contract this offseason has had a value of approximately $7.1 million per year. However, that number is very skewed by the Yankees' spending. If you remove the Yankees from the mix, the average free agent contract has had a value of approximately $5 million per year (note: this isn't the average contract it's the total dollars spent, divided by the total MLB years within the contracts, minor league deals not included). You can also look at that this way: -- The Yankees have purchased 24 years worth of free agents, at a cost of $18.375 million per year. -- The other 29 teams have purchased 128 years worth of free agents, at a cost of $5 million per year.
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