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2018 Vesting Options

2018 Vesting Options Update

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We previously checked in on the vesting option scenarios playing out around the game. In the interim, though, we learned of a previously unreported clause and also gathered quite a bit more information about which options will and will not vest.

Here’s where things stand with just two weeks to go:

Already Vested

  • Greg Holland: It didn’t take long for the Rockies closer to finish thirty games, which triggered a clause that turned his $10MM mutual option into a $15MM player option. All indications are that Holland will spurn that payday (and the qualifying offer that will surely follow in close succession) to test the open market, but it affords him injury protection the rest of the way. Holland has already earned $9MM in bonus money. With six more games finished over the final two weeks of the season, he’d tack on another $2MM.
  • Gio Gonzalez: After topping 180 frames in his most recent start, Gonzalez is now under contract for 2018 at $12MM. While he has hit a bit of a wall of late, that still looks like quite an appealing price for a pitcher that has worked to a 2.68 ERA on the year.

Open Questions

  • Ian Kinsler: It was learned recently that Kinsler’s 2018 option actually has a somewhat convoluted vesting provision. He’s guaranteed to earn $11MM upon reaching 600 plate appearances. And if he takes home another Gold Glove award, he’ll earn another $1MM in 2018. The option is going to be picked up regardless, but the 35-year-old can make things official if he strides to the plate 49 more times between now and the end of the season. He’ll likely get there if he plays more or less every day over the next two weeks.

Will Not Vest

  • Ricky Nolasco: It’s still theoretically possible that Nolasco can reach the 202 1/3 innings he needs to transform a $13MM club option into a player option, but with over forty to go that’s just not happening as a practical matter. Instead, he’ll likely receive a $1MM buyout on the option.
  • Matt Cain: Cain is even more certain to receive a buyout; he’ll get a cool $7.5MM when the Giants say no to the alternative of paying $14MM more to keep him for another season. The veteran has compiled 119 1/3 innings of 5.66 ERA ball to this point, far shy of the volume or quality needed for that option to come into play. (It would have vested at 200 frames.)
  • Hisashi Iwakuma: Though he needed only 125 innings for his $15MM vesting provision to be triggered, Iwakuma has managed just 31 to date and is still on the DL. Instead, the M’s will likely pay him a $1MM buyout rather than picking up his option at $10MM.
  • Andre Ethier: Though he made it back from the DL, it was far too late for Ethier to lay claim to a $17.5MM salary for 2017. Since it’s impossible for him to make it to 550 plate appearances, he’ll instead receive a $2.5MM buyout when the Dodgers all but certainly decline the club option.
  • Matt Garza: Garza will be controllable via a $5MM club option. He was not able to reach 110 total starts from 2014-17, so his option did not vest at $13MM. But he also did not miss 130 or more days of action on the DL this year, so he avoided a provision that would’ve left the Brewers with a $1MM option for 2018.
  • J.J. Hardy: Also now back from the DL, Hardy returned far too late to reach the 600 plate appearances he’d have needed for a $14MM club option to become guaranteed. Instead, he’s destined to receive a $2MM buyout from the O’s this fall.

2018 Vesting Options Update

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We already took a preliminary look at the vesting option scenarios playing out around the game, but we’ve now gained quite a bit of clarity over the last six weeks. Generally, vesting options are club options that can become guaranteed based on the player’s health and/or performance. Typically, achieving contractually defined thresholds (such as for plate appearances or games finished) takes the decision out of the team’s hand, with some clauses also requiring certain health standards to be triggered.

Here’s where things stand at present:

Already Vested

  • Greg Holland: That was fast! Holland has already racked up thirty games finished, meaning that what was a $10MM mutual option for 2018 has been converted into a $15MM player option. With a league-leading 25 saves in the bank, along with 29 1/3 innings of 1.53 ERA pitching, it seems unlikely that Holland will take that cash rather than testing the open market — though he could also have to turn down a qualifying offer and hit free agency weighed down a bit by draft compensation. (Notably, too, Holland is cracking into some hefty contract incentives. He is on track to earn most or all of the $11MM in available bonus money.)

On Track To Vest

  • Gio Gonzalez: While Gonzalez is pitching well enough to make it a foregone conclusion that the Nationals would pick up his 2018 option at $12MM, that step won’t be necessary if he ends the regular season with 180 innings on his ledger. Working deep into games has been an issue for Gonzalez in recent years, but he has already topped 100 frames through just 16 starts thus far in 2017. Barring an injury, this one looks quite likely to vest.

Unlikely To Vest

  • Ricky Nolasco: The 34-year-old faces an uphill battle, but he’s at least keeping it interesting. Nolasco can turn a $13MM club option ($1MM buyout) into a player option if he gives the Halos 202 1/3 frames this year. That’s a big number, but Nolasco has managed to log 90 2/3 innings through 16 outings, leaving 111 2/3 left to achieve. Even if he takes the ball another 16 times the rest of the way, he’d need to go seven innings per start — a pace typically achievable only by a few top aces around the game. (Currently, Max Scherzer and Chris Sale top the leaderboard with 113 2/3 frames.)
  • Matt Cain: The Giants are sure to pay Cain a $7.5MM buyout rather than picking up his $21.5MM option for the 2018 campaign. But the veteran righty could take that decision out of the team’s hands if he’s able to reach 200 innings this year and stay off of the DL at season’s end. Cain has made all 16 of his starts so far, but he has accumulated only 84 innings. While it’s a theoretical possibility, then, it’s all but certain that this option won’t vest — and the Giants have every incentive to see that it doesn’t.
  • Hisashi Iwakuma: When the season started, it seemed reasonably likely that Iwakuma would trigger his second vesting season — as he did last year with the first. After compiling 199 innings in 2016, he needed to accumulate only 125 more (and avoid an unspecified injury) to lock up a $15MM payday. But Iwakuma is currently parked on the DL with just 31 frames in the bank; even if he is able to work deep in most of his remaining starts, he almost certainly won’t have enough to accumulate the 94 additional innings he needs. If he doesn’t get there, then Seattle will decide between a $10MM salary and a $1MM buyout.

Will Not Vest

  • Andre Ethier: Ethier’s $17.5MM club option vests upon 550 plate appearances in 2017. He has been shelved for the entire first half of the season, so he’ll have to take home a $2.5MM buyout as a consolation prize.
  • Matt Garza: This one is complicated, but here’s the bottom line: Garza cannot possible make enough starts to reach 110 in total from 2014-17 (he’s currently at 82), so his option cannot vest at $13MM. At the same time, it’s no longer possible for him to miss 130 or more days of action to the DL this year, so the club won’t get a shot at a $1MM option for his 2018 rights. Instead, the deal reverts to a club option at $5MM. See? It’s simple.
  • J.J. Hardy: The extension that Hardy signed with the O’s a few years back includes a $14MM club option (or a $2MM buyout), but that would vest if Hardy ended the 2017 campaign with 600 plate appearances on his stat sheet. That always seemed a stretch, but with his recent DL placement it’s no longer even possible.

2018 Vesting Options Update

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Each year, the free-agent class is impacted by the performance of players with vesting options (as is the financial future of players with said provisions in their contract). For those unfamiliar with the option, a vesting option is typically (though not always) a club option that can automatically trigger based on the player’s health and/or performance. Meeting pre-determined criteria for games played, innings pitched and plate appearances are the most common ways of triggering a vesting option. Some also require that a player avoid the DL at the end of the season and/or for a certain number of games over the course of the year.

Here’s a look at all of the 2018 player options that can automatically trigger based on the players’ 2017 performance…

  • Matt Cain: The 2017 campaign is the final season of a six-year, $127.5MM extension that Cain signed with the Giants on April 2, 2012. Prior to that point, Cain had been one of the most durable and efficient starters in the NL, but injuries have completely derailed Cain’s career since that 2012 season. Cain hasn’t thrown more than 90 1/3 innings since 2013, and so far he’s delivered just a 4.64 ERA in 455 1/3 innings over the five extra years of control the Giants bought out. If he can reach 200 innings this season and is not on the disabled list due to elbow or shoulder troubles to end the year, his $21.5MM club option would become guaranteed. However, he’s averaging fewer than 5 1/3 innings per start in 2017, and his previous health woes make that decidedly unlikely. His option comes with a $7.5MM buyout, which seems like an inevitable outcome.
  • Andre Ethier: Ethier batted .273/.351/.429 through the first three seasons of his five-year, $85MM extension (including particularly strong efforts in 2013 and 2015), but he played in just 16 games last season and has been on the disabled list for the entire 2017 season (herniated disk in his lower back). His $17.5MM club option would automatically vest with 550 plate appearances this season, but that’s obviously not going to happen, so he’ll receive a $2.5MM buyout instead.
  • Matt Garza: Garza’s four-year, $50MM contract with the Brewers contained one of the more convoluted vesting options in recent memory. Injury concerns surrounding Garza allowed the club to land a team option valued at a base of just $5MM. However, had Garza made 110 starts over the contract’s four years, pitched 115 innings in 2017 and avoided the DL at the end of the 2017 season, the option would’ve become guaranteed at $13MM. On the other side of the coin, the Brewers would’ve been able to pick it up at just $1MM had Garza missed 130 or more days during any single season of the contract. Neither of those scenarios will play out at this point, though. All of that is a long-winded way of saying that Garza’s option won’t be vesting at $13MM and will come at a potentially reasonable rate of $5MM.
  • Gio Gonzalez: Gonzalez’s five-year, $42MM extension came with a $12MM club option for the 2017 season (which was exercised) and a $12MM club/vesting option for the 2018 campaign. If the left-hander reaches 180 innings this season, he’ll be locked in at $12MM next season. For a player as durable as Gonzalez, who averaged 31 starts per year from 2010-16, that seems simple enough. But, Gonzalez has had difficulty working deep into games and has not crossed the 180-inning threshold since 2013. This season, though, he’s already racked up 44 1/3 innings through seven starts — an average of about 6 1/3 frames per outing. He’d need only 29 starts at that pace to trigger the option. And even if he doesn’t sustain that innings pace, if he can avoid the DL and average even 5 1/3 to 5 2/3 innings per start for the rest of the year, he’d accrue enough innings to guarantee that option. Of course, if Gonzalez delivers anything close to the 3.57 ERA he’s turned in through parts of six seasons as a National, the team will likely pick up the option even if it doesn’t vest.
  • J.J. Hardy: Hardy decided to forgo the open market at the end of the 2014 season, instead re-upping with Orioles in early October on a three-year, $40MM deal. His contract comes with a $14MM club option ($2MM buyout) that could automatically vest in the event that Hardy reaches 600 plate appearances this season. Hardy, however, has reached that total just twice in six previous seasons with the Orioles, and he’s hitting a mere .196/.232/.252 through his first 113 plate appearances in 2017. Based on his recent health track record, it could be considered unlikely that he stays healthy enough to trigger the option. But if he does remain healthy and doesn’t turn things around at the plate, the O’s won’t have a hard time justifying a reduction in playing time to prevent the option from vesting.
  • Greg Holland: Holland signed a one-year, $7MM deal with a mutual option for the 2018 season, though so long as he remains healthy it’s effectively a two-year, $22MM contract with a player option/opt-out provision. Holland’s $10MM mutual option becomes a $15MM player option if he appears in 50 total games or finishes 30 games in 2017. He’s come out of the gate roaring as a dominant closer in Colorado, just as he was in Kansas City. Holland has already finished 14 games, meaning he needs just 16 more to trigger that player option and secure the right to re-enter the open market. An injury seems like the only thing that will stand in Holland’s way, as he’s currently sporting a 1.29 ERA with a 17-to-5 K/BB ratio, a career-best 51.6 percent ground-ball rate and a 93.9 mph average fastball through his first 14 innings.
  • Hisashi Iwakuma: After injury concerns stemming from Iwakuma’s physical caused the Dodgers to back out of a reported three-year, $45MM agreement in the 2015-16 offseason, Iwakuma instead returned to the Mariners on a one-year deal with a pair of vesting options. Iwakuma needed 162 innings to trigger his 2017 option, and he needed either 162 innings in 2017 or 324 innings between 2016-17 to trigger his $10MM option for the 2018 season. The 36-year-old racked up 199 innings last year, meaning he now needs just 125 innings in 2017, though he must also avoid the disabled list at season’s end as well. Iwakuma has barely averaged five innings per outing (31 through six starts), but he also needs just 94 more innings this year for that option to kick in.
  • Ricky Nolasco: Nolasco’s option isn’t a standard vesting option, but his $13MM club option would become a player option with 400 innings pitched between 2016-17. The 34-year-old logged 197 2/3 innings last year, meaning he’d need 202 1/3 innings in 2017 in order to convert his option. That’s a total that Nolasco has reached only twice in his career, and he’s not on pace to approach that number through his first seven starts of the season. If Nolasco were to make the same number of starts as last season (32), he’d need to average nearly 6 2/3 innings per outing for the rest of the season to reach that level. If he ties his career-high with 33 starts, he’d need to average 6 1/3 frames through season’s end. It’s technically possible that Nolasco does end up with a $13MM player option, but the likelier scenario is that the Halos will choose between a $13MM club option and a $1MM buyout. (Thanks to MLBTR commenters paytoplay and jdobson1822 for pointing out Nolasco’s option.)

Cot’s Contracts was used in the creation of this post.

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