Rather than exercise the annual $4 million option on Tim Wakefield, the Boston Red Sox have re-signed him to a 2-year deal worth $7 million. They also announced they have declined the $5 million option on Jason Varitek’s contract. Varitek still holds a $3 million team option that includes $2 million in incentives based on games played.
According to Rob Bradford of WEEI.com, the deal for Wakefield is worth $3.5 million in 2010. In 2011, he would be paid a base salary of $1.5 million and could earn an additional $2 million in incentives.
Wakefield needs 18 more wins to become the Red Sox all-time winningest pitcher. He was 11-5 and had a 4.58 ERA in 21 starts. He spent a good part of the second half on the disabled list with back problems. He’s had the problem surgically repaired and will be ready for the spring training in 2010.
Update: John Tomase of the Boston Herald has the breakdown of Wakefield’s new deal.
