While the White Sox announced Tuesday they have extended their relationship with American League batting champion Frank Thomas through the year 2006, there is more to the new contract than meets the eye.
In many ways, Thomas and Sox Chairman Jerry Reinsdorf may have found enough common ground to put together a deal that is perfect for the highest-profile members of the organization. Albert Belle retains his financial supremacy, Thomas gets more security and Reinsdorf covers his own risk while exposing any future owner of the franchise to long-term risk.
The next question is whether Reinsdorf will be as skillful in upcoming negotiations with Robin Ventura. The Sox are preparing offers to keep their third baseman from leaving as a free agent after next season.
It remains to be seen whether Ventura will be as motivated to remain with the Sox as Thomas has been. It was Thomas’ desire to extend his contract and remain as a franchise centerpiece that led to the extension, which was announced the same day as manager Terry Bevington’s firing.
While Thomas’ new deal could pay him $85 million if it runs its nine-year duration, sources with knowledge of the contract said only about $32 million is guaranteed in the traditional sense. The last five years could be deferred over 10 years with no interest if Thomas is injured or his skills diminish.
Thomas isn’t sweating the small stuff. He’s happy to know he is still wanted by a franchise that traded away eight veterans during its 80-81 season.
“Obviously I’m excited about making the long-term agreement with the White Sox,” Thomas said in a statement. “It means a great deal to me and my family to remain in the city of Chicago and to stay with the White Sox organization.”
Reinsdorf was ecstatic about the deal.
“He’s one of the greatest players of all time,” Reinsdorf said. “He’s the best right-handed hitter I’ve seen, and I’ve been watching baseball for 50 years. It’s a very good feeling to know that in all probability he will finish his career in the city of Chicago, playing for one team.”
Thomas, 29, has one more guaranteed year from the four-year, $29-million deal he signed after the Sox won the AL Central in 1993. He will receive $7.15 million next year. The new deal guarantees previous option years for 1999 at $7.15 million and 2000 at $7.25 million. It also guarantees him $10.375 million in 2001, bringing its total value to $31.925 million over four years.
With an average annual salary of $7,981,250, the two-time AL Most Valuable Player has only the 11th highest average among major-leaguers. Belle’s average of $11 million is still the highest on the Sox.
Even in 2002, when his salary increases to about $10.3 million, Thomas will earn less than Belle was paid this year (adding the average of Belle’s $5 million buyout to his $10 million salary over five years). No wonder the Sox were agreeable to the extension.
Thomas can guarantee each season between 2002 and 2006 by either starting in the All-Star Game or being among the top 10 players in MVP voting the previous seasons. If he fails to achieve either of those, the Sox can opt to pay him the remainder of his salary deferred over 10 years, without interest. Thomas can file for free agency if they exercise that clause in the deal.
While protecting himself, Reinsdorf declined to protect others. The final five years in the Thomas contract become guaranteed if Thomas is traded or if Reinsdorf sells the Sox. That could make Thomas virtually untradable.
The Sox were in a precarious position exploring a long-term deal with Thomas, who moved from first base to designated hitter this year. Baseball’s ongoing consideration of realignment threatens the existence of the DH.
“He can always go back and play first base,” Reinsdorf said. “One of the things we talked about is that when Frank goes to spring training, he prepares himself as if he’s going to play first base. He will play first base a lot next year.”
Thomas batted .347 with 35 home runs and 125 runs batted in this year. He’s a career .330 hitter with 257 home runs and 854 RBIs.
While the Sox plan to field a much younger roster next season, General Manager Ron Schueler believes he quickly can build a competitive team around Belle and Thomas. He said he hopes to have a third player in that nucleus, referring to Ventura.
Both Schueler and Reinsdorf indicated an interest in exploring contract negotiations with Ventura.
“There haven’t been discussions yet, but we’ll probably have discussions with Robin this week,” Schueler said.
Ventura wasn’t available for comment.
