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Glavine, Mets agree to restructure contract

5/8/2006 - MLB Tom Glavine New York Mets + more

NEW YORK -- Tom Glavine and the New York Mets have
restructured his contract, delaying some payments and adding an
option for 2007.

Glavine had been due to make $10.5 million this year, of which
$5.25 million was to be deferred at 6 percent interest.

Under the new deal, which the Mets confirmed Monday, Glavine's
salary this year is reduced to $7.5 million, of which $2.25 million
is payable during the season, with the rest deferred at 6 percent.

The new contract contains a 2007 player option at $5.5 million
and a $12 million team option, both with a $3 million buyout. The
player option would increase by $1 million each for 180, 190 and
200 innings this year, and the team option would increase by $2
million if he throws 180 innings this year.

If either option is exercised, and Glavine's 2007 salary is less
than $14 million, he could have performance bonuses that would
raise his earnings that year to $14 million.

The 40-year-old left-hander is 4-2 with a 1.94 ERA this year.