Less than a week after the Tigers announced that they had broken off contract extension talks with reigning Cy Young winner Max Scherzer, they moved on to extending Miguel Cabrera, and have a record-setting deal in place.
Per multiple reports, the Tigers will be adding another eight years onto the end of Cabrera's deal, at $31 million per season. That in addition to the two years and $44 million he has left on his deal, comes to a total of $292 million.
While it seems outrageous to some, Jay Jaffe from SI explored the value of the deal based on Cabrera's projected WAR in each year of the ten year deal, along with expected value of a single win. The numbers come impressively close to matching the value of the deal:
(You can read Jaffe's entire column here)
As Jaffe acknowledges, the analysis isn't perfect due to the variety of future impacts it doesn't account for (inflation, free agent market, etc.), in addition to the fact that the Tigers would have gotten his two most productive years (2014 and 2015) already under his current deal. But, it also doesn't include the value of having the best hitter in baseball drawing fans, selling merchandise, and likely becoming the next great Tigers hitters enshrined in the Hall of Fame.
Overall, while it's a large sum of money, and could mean the Tigers could end up paying Cabrera around a half BILLION dollars over his career (for context, the entire organization is valued at $680 million, per Forbes), it also means the Tigers will have locked up their two superstars for the duration of their careers.