Baseball, Contracts | featured news

Justin Verlander and the Detroit Tigers have reached agreement on a new contract that could exceed $202 million, according to sources. Verlander's deal, which would make him the highest-paid pitcher in the game, is for seven years and worth $180 million, sources said. A vesting option for an eighth year could push the deal to $202 million.

Allen Craig, coming off a breakout season with the St. Louis Cardinals, agreed Friday to a $31 million, five-year contract that could be worth $43 million over six seasons....

Outfielder Josh Hamilton and the Los Angeles Angels have finalized their $125 million, five-year contract.

Kevin Youkilis and the Yankees have finalized their $12 million, one-year contract, giving New York a third baseman for the first half of next season while Alex Rodriguez recovers from hip surgery....

The New York Mets, saddled by bad contracts, poor performance and financial woes in recent years, apparently never wavered in identifying David Wright as the player to help lead them out of this dark period. Early Friday, that notion became official when the club finalized a $138 million contract extension with their third baseman and all-time hits leader that will keep him in Flushing for the next eight years.

A person familiar with the negotiations tells The Associated Press that the Philadelphia Phillies and closer Jonathan Papelbon have agreed to a $50 million, four-year contract.

Turns out the Philadelphia Phillies do have enough money for both Cliff Lee and Roy Halladay - and Roy Oswalt and Cole Hamels, too. A year after Phillies traded him away, Lee chose to rejoin them and form a fearsome foursome that is the envy of all of baseball.

The New York Yankees have finalized the $51 million, three-year contract with captain Derek Jeter.

AL MVP Joe Mauer has agreed to an eight-year, $184 million contract extension to stay with the Minnesota Twins.  The deal announced Sunday covers the 2011-2018 seasons and includes a full no-trade clause.

The Minnesota Twins have signed center fielder Denard Span to a five-year, $16.5 million contract extension.