Zito will make $10 million during '07 season
Zito, a star left-hander and former AL Cy Young Award winner, agreed last week to a record $126 million, seven-year contract with San Francisco -- the largest contract ever for a pitcher -- that also includes an $18 million club option for 2014 with a $7 million buyout.
He is scheduled to be formally introduced by the Giants on Wednesday morning, joining Barry Bonds as the face of the franchise for next season. Zito will be the ace of an already talented pitching staff, replacing Jason Schmidt after Schmidt joined the rival Los Angeles Dodgers last month.
Zito, the 2002 AL Cy Young Award winner, spent his first seven big league seasons across San Francisco Bay with the Oakland Athletics. He has never missed a start in his career and hopes to lead the Giants back into contention in the NL West after San Francisco missed the playoffs for a third straight year last season.
The 28-year-old Zito, represented by superagent Scott Boras, will make $14.5 million in 2008, $18.5 million each in '09, 2010 and 2011. In 2012, the sixth year of his contract, Zito will receive $19 million and then $20 million the following season. He has a full no-trade clause.
Zito's option will become guaranteed if he pitches 600 innings between 2011 and 2013, 400 innings from 2012-2013 or 200 innings in 2013, with 180 innings pitched in 2011 or 2012. If his option becomes guaranteed, Zito can void the contract and receive a $3.5 million buyout.
He also will earn a $500,000 bonus for winning the Cy Young Award, $200,000 if he finishes second in the voting, $150,000 for third place, $100,000 for fourth and $50,000 if he's fifth. If he wins a second time, he would get a $750,000 bonus and $1 million if he wins it a third time or more.
Other bonuses include $250,000 for MVP -- with $150,000 for second place, $100,000 for third, $75,000 for fourth and $50,000 for fifth. If he were to be named World Series MVP, that would be worth $200,000, while an NLCS MVP would get him $100,000. He earns $100,000 for a Gold Glove and $100,000 for being an All-Star.
Zito also will stay in a suite for road trips.
Meanwhile, Bonds still hadn't scheduled a physical that must take place for his new contract to become official. The 42-year-old Bonds and the Giants agreed to terms on a $16 million, one-year contract Dec. 7 on the last day of baseball's winter meetings that will bring him back for a 15th season.
The sides were expected to begin negotiations this week on final language in the deal, which could pay Bonds as much as $20 million in 2007 as he resumes his chase of Hank Aaron's career home run mark of 755. Bonds is 22 homers from passing Hammerin' Hank.<
AP Baseball Writer Ronald Blum in New York contributed to this story.
Copyright 2007 by The Associated Press
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