Chipper Jones renegotiates contract
As was rumored for weeks, Chipper Jones renegotiated his current contract with the Braves. The added flexibility it will give the team financially should allow it to fill the glaring holes it has at shortstop and closer. After the restructuring, Chipper is guaranteed to stay in Atlanta through the 2008 season (his previous contract included options for the 2007 and 2008 seasons) and is now likely to spend his entire career with the Braves organization, a rarity in this day and age. The new deal with Jones could save the Braves as much as $15 million over the next 3 seasons, better enabling them to compete for the top talent via trades and the free agent market as they seek to extend their streak of 14 straight division titles.
Chipper first offered to renegotiate his contract back in February to give the Braves more flexibility to sign Tim Hudson to a long-term contract. The restructuring was not necessary at the time, as Hudson inked an extension with the club, but with the notoriously tight purse strings of corporate parent Time Warner weighing heavily on the Braves as they compete in the free agent market this offseason, John Schuerholz knew it was time to take Chipper Jones up on his unselfish offer. Jones’ previous contract would have paid him $35 million over the last 2 option years (2007 and 2008) of the contract if he reached just 450 plate appearances in each season (or alternatively was selected as an All-Star the prior year). His new contract will award him a $4 million signing bonus in January and pay him $11 million during each of the 2007 and 2008 seasons. It also cut his 2006 salary to $11 million, a reduction of $6 million. The new contract also has an option, this time for the 2009 season, worth between $8 million and $11 million. However, unlike the options in his previous contract that were based on plate appearances, they will be based on his performance on the field the previous season.
Bottom line: The Braves will be paying Jones either $37 million over the next 3 years or $45 - $48 million over the next 4 years. The previous deal likely would have cost them $52 million over the next 3 years.
