Cleveland Indians sign Corey Kluber to $38.5 million contract extension

The Indians have signed reigning American League Cy Young winner Corey Kluber to a five-year extension that will guaranteed him $38.5 million between 2015 and 2019. According to Ken Rosenthal, the deal also includes incentives and two team options that could raise the value all the way to $77 million over the next seven years.

Here is the financial breakdown:

• $1 million signing bonus
• 2015: $1 million
• 2016: $4.5 million
• 2017: $7.5 million
• 2018: $10.5 million
• 2019: $13-17 million (depending on if incentives are met)
• 2020: (TEAM OPTION) $13.5-17.5 million (depending on if incentive are met)
• 2021: (TEAM OPTION) $14-18 million (depending on if incentives are met)
• (There is also a $1 million buyout of the team option.)

I've said all offseason that if a deal got done, I expected 4 years, ~$32 million or 5 years, ~46 million, with one or two team options either way. I was told more than once that Kluber would never go for such a deal, but it turns out I was actually a little on the high side.

I also said all offseason that I thought such an extension was a good gamble for the Indians. I'd prefer only four years were guaranteed, but five years guaranteed for $38.5 million is fine by me.

The Indians have also announced an extension with Carlos Carrasco, keeping him under team control through 2020. In addition to what are expected to be their two best pitchers this season, Michael Brantley, Yan Gomes, Carlos Santana, and Jason Kipnis are also under team control for years to come (Santana's contract runs out after 2017, while everyone else's run longer).

Throw in all the young talent that hasn't yet reached arbitration, and almost everyone of note on the team is locked up for at least another three years. Given that this team looks poised to contend this year, knowing they'll be around is very exciting to me. The last time the Indians were in a position like this was about 20 years ago. Things worked out pretty well back then.