Wil Myers and the Padres agree to a six-year contract extension:

According to sources, the 26-year-old first baseman will receive a $15 million signing bonus, to be paid in installments ($1 million within 30 days of approval, $5.5 million on Nov. 15, 2018, and $8.5 million on Nov. 15, 2019). He will make $2 million annually in 2017 and 2018, $3 million in 2019 and $20 million per year from 2020 through 2022. The option for 2023 is worth $20 million with a $1 million buyout. Myers gets a one-time $1 million assignment bonus if he is traded.

“We’re excited to secure a player with talent like Wil’s for the next six years,” Padres General Manager A.J. Preller said in a statement. “Wil has shown that he wants to be in San Diego and wants to be a Padre, and he is going to be an integral part of our team and the community as we continue to build a championship club.”

“I want to thank the Padres organization for giving me this opportunity, and Padres fans for their support,” Myers, who will attend a press conference Monday at Petco Park, said in the statement. “I’ve loved my time in San Diego and I’m excited to be a part of what we’re building for the future.”

This has the potential to be a very good deal for the Padres. Myers just needs to produce about 11 WAR over the six years for the Padres to break even, so if he posts a couple of more seasons like 2016 during his prime, the Padres would be most of the way their. I suspect what would work best for San Diego is that Myers performs great through 2019, and they flip the biggest part of the contract to some other team. If he’s a solid three-WAR per season player, the $20 million a year will be worth the prospects to some big money team.

I am, however, a bit surprised that Myers gave away so many free agent years. I suspect he sees that their is decent risk of injury given his history, so getting big money now was worth it. Of course, it’s possible he just likes San Diego and wants to stay.