Pena thrilled to get 3 years, $24.125-million

The Rays have agreed to a three-year deal with team MVP Carlos Pena for $24.125-million, the Times has learned.

The team confirmed the deal with an announcement shortly before 1 p.m.

"It's awesome,'' Pena said this morning from the Dominican Republic. "It's extremely exciting. I get to be in a place I absolutely love, around people that I love and people that I know care about me. It couldn't be any better. I'm pumped. We're celebrating.''

Pena will get salaries of $6-million of 2008, $8-million in 2009 and $10.125-million in 2010. The deal is subject to Pena passing a physical, which likely won't take place until next week when he returns to the U.S. Until then, the team announced, there is a one-year deal in place that can be extended to three years.

The deal puts Pena under contract with the Rays through 2010, avoiding arbitration this season and next and buying out his first year of free agency.

Pena, 29, was the consensus American League Comeback Player of the Year after a spectacular season in which he finished with a team-record 46 home runs and 121 runs batted in.

Pena said he commended Rays' executive VP Andrew Friedman and his agent, Scott Boras, for the manner in which they handled the negotiations, which were concluded early this morning. "I can't tell you how awesome Scott did with this deal and how awesome Andrew did,'' Pena said. "Hats off to both of them.''

The contract will be one of the largest given by Stuart Sternberg's ownership group, and among the largest in franchise history.

Pena was one of the game's biggest bargains in 2007, signing a minor-league deal to come to spring training and making just $800,000 in salary, with another $400,000 in incentives.

The Rays are taking something of a gamble in hoping Pena can continue producing at close to what was by far his career-best year and could have a bargain if he does, while Pena is getting the security of the money and the opportunity to stay with the team, where he has been very comfortable.

As part of the deal, Pena will donate $225,000 to the Rays Baseball Foundation, which supports area youth and education programs.

The $24-million overall guarantee and annual average value of $8-million are the largest amounts committed by the Rays since the previous administration gave Greg Vaughn a $34-million, four-year deal in 2000. WIlson Alvarez got a $35-million, five-year deal in 1998.

Since Sternberg's group got involved with the team, they signed Carl Crawford to a four-year, $15.25-million deal that with options could be worth up to $35-million and gave Rocco Baldelli a three-year deal for $9-million that with options could be worth $32-million. More recently, they signed Troy Percival to a two-year deal for a guaranteed $8-million that could be worth up to $13-million with incentives.

- Marc Topkin, Times staff writer

-- Photo by James Borchuck | Times, 2007

Comments

[rays&bucsfan]

hooray! i'm very happy about this. ownership isn't afraid to spend when it counts. hope Pena can continue with his great offense. and i'm extra happy about Kaz signing too. COME ON RAYS!!!! let's make 2008 a great year! we're turning this thing around! props to ownership for doing so much. there is no place to go but UP. let's do this thing and kick those yankee and red sox butts! GO RAYS!!!!

[Phil]

I'm really excited about this year; Ownership has really stood up and made some well placed and prudent moves; they excised the cancers where needed, and got who I think are the right re-signs and free agents at the right time. I believe the assertion that .500 is more than attainable! I'm not saying playoffs yet, but if Kaz and Shields both have another great year, well, who knows!!

[Paul]

Its a good day to be a Rays fan. Thank you Stu for continuing to keep your word about keeping the core and building payroll as prudent.

I am looking forward to this season.

[Einhard]

It is not a question of the Rays' management "finally" putting their money where their mouth is, nor is it at all surprising they are keeping their word. From the start they have said they will spend money on payroll when it is reasonable to do so and not before. The fact they are beginning to do it now only indicates they think the Rays are on the verge of contending; they have kept every promise they made and continue to do so. There is no reason to be surprised.

[Wade]

Get ready folks!!!! This is the beginning of the turnaround!! It's gonna be great!!!

[J B]

THANK YOU KAZMIR! I don't know why the Rays were waiting so long to come up with something. We can't afford to lose him.

[goldenoldie]

My dreams came true today. Carlos is one of the best examples of today's players. Please make it double heaven with the signing of Kaz. Great work all!

[bigmac]

great...24 million for a one year wonder.....awesome!

[Rex]

Th is what weve been waiting for. Put yout money where your mouth is - and let's play ball.

Yankee Fan - Please go home (anywhere but here) and take the Red Sox loudmouths with you.

[CharlieRay]

Well OK it's HIGH NOON at the OK coral. What about Kaz Did we lock him up or shoot him down.

[Clark]

"It's awesome. It's extremely exciting. I get to be in a place I absolutely love, around people that I love and people that I know care about me. It couldn't be any better. I'm pumped. We're celebrating.''

Back atcha, Carlos. It's a good day to be a Rays fan!

[Jorge]

The band wagon has just left Tropicana Field. ALL ABOARD!!!

Excellent Job Rays. 1 more month til spring training. WOOO WOOO

[good job]

good job rays its nice to see them out an investment like this and good for carlos pena. he got rewarded for becoming one of the top sluggers in baseball and doing it the right way. he has always had the talent and he finally came into form lets just hope he keeps it up.
GO RAYS

[rayray]

Hip Hip Hoo Rays to the front office for getting it done, now please lock up Special K the Kazmanian Kid (well, I can't used Devil anymore)....

Now cool catwalk Carlos can continue to cultivate w/the youngsters & cure the ills of the past decade.

I'm so looking forward to this season. I hope we can get off to a gr8 start to the season w/17 of first 27 games @Trop.

GO RAYS!!!!

[Brent]

All I have to say is.... Finally they are spending money in the right places. Keep it up and GO RAYS!!!!

[Sean]

Is everyone done bashing the ownership group?? This is just another of many good decisions since they took over. Way to go and keep it up.

[ryan callahan]

YES!!!!!!!!!!!!!!!!!!!!! It feels good to bring back a great player and give them a well deserved pay day. Now we know we will have power and great D over at 1st for the next three years. GO PENA!!!

[Steve]

I think this is one of the smartest contract signings the rays have ever made. Signing a big time slugger for only $8-million per year is a bargain in todays age when Arod is making $30-million. Great move Rays!!! Only two more months until opening day!

[Andy Forman]

Awesome...let's hope Carlos can keep it up for a few more years!

[zippy]

Wohoo. Way to go Rays !!!

[CharlieRay]

Thanks Andrew! This shows we are in it to win it. Now let's go get Kaz

[Tim]

Well.. whatta ya know ??? The "Sternberg Group" IS backing up it's word... Where does this put payroll for the season... in the $40M range??? Good job,gentlemen..
I, for one, will make it a point to attend more games this season.. See how it works?? You be honest with me ( on certain points ) and I spend money on your product..

I do agree with the opponents of the new stadium. I think it's all smoke and mirrors.. Please prove me wrong, Stu..

Let's hear from all you "payroll bashers"....

[Ryan S]

I LOVE THIS MOVE!!! Scott, 22-24 mil is about half of what Kaz is going to want. When Gil Meche gets 5 yr 55 mil and Carlos Silva gets 12 mil per, Kaz will want simmilar dollars. But I do agree, lets get his deal done NEXT offseason and get into the new stadium!

[Greg]

Good move. Impressive commitment by the franchise. I see progress. Go Rays!

[Scott]

Very nicely done Andrew!

Now while your pen is warm, sign S Kazmir to a 4 year - $22-24 Million and get it over with. With a limited no-trade clause, you will have the freedom to deal him if the right opportunity comes along...