Mets Restructure Glavine's Contract

Interesting tidbit from The Hardball Times:

The Mets restructured Tom Glavine's contract. He was making $10.5 million this season, with $5.25 million deferred at 6% interest. Now, his 2006 salary is cut to $7.5 million, with $5.25 million still deferred at 6%. In exchange for that, he gets a 2007 player option at $5.5 million and $12 team option. The player option will be increased by $1 million each for 180, 190 and 2000 IP, the team option increases by $2 million for 180 IP and both of them have a $3 million buyout.

Was this a good deal by Glavine?

He basically gave up $3 million this year to guaranty a contract next year (he gets the $3 million back if he doesn't exercise his option or the Mets exercise theirs). If Glavine sucks up the house the rest of the year - he gets a minimum of an additional $2.5 million next year (the $5.5 million minus the $3 million he's forgoing this season) but given the innings incentives for this year it is likely his contract will be worth at least an additional net $5.5 million next season (Glavine has pitched at least 200 innings 9 out of the last 10 seasons). Chances are he could pitch very well this season and force the Mets to pick up their option on him. In that case he probably makes $11 million next year (the $12 million minus the $3 million he's forgoing this year plus the $2 million incentive for 180 innings - it has been since 1994 that Glavine has failed to reach 180 innings). Also lets not forget that Glavine will have the PR bonus of going for his 300th win next year.

I think this was a very wise move by Glavine and probably by the Mets too.