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New York Yankees rumors: Luis Severino contract extension in place, includes bonuses

Luis Severino pitching for the Yankees
Luis Severino pitching for the Yankees. Pic credit: ESPN

New York Yankees rumors reveal that a Luis Severino contract extension is in place. Details have been leaked, with the note that Severino must pass a physical before the deal becomes official.

These Yankees rumors serve as great news for the franchise, as the team is looking to lock up one of its impressive young players on a long-term deal. To summarize the contract extension, it could cover the next five years of baseball for Severino.

The deal came about quickly, suggesting that the front office in New York was heavily invested in making sure they got it done as soon as possible.

Luis Severino contract extension details

A report by Jeff Passan addressed these New York Yankees rumors and confirmed that the Luis Severino contract extension is in place. The point of this deal was for the Yankees to buy out all four years of arbitration for Severino.

It also gives them a shot at covering the first year of free agency for Severino, should he continue to perform at a high level. As Passon reported, Severino will earn a $2M signing bonus, a $4M salary in 2019, $10M in 2020, $10.25M in 2021, and $11M in 2022.

There is also a team option worth $15M for 2023 and it comes with a $2.75M buyout. It all works out for the Yankees to pay Severino at least $40 million in this deal, with a total of $52.25 million going to him if the team picks up the 2023 option.

That seems highly likely, making this a very team-friendly contract.

These New York Yankees rumors appear extremely beneficial to the team. Locking up a pitcher that many MLB analysts already call an ace is a huge move for the organization.

It’s also going to take Luis Severino out of future trade chatter, because the team has just committed to him for the long-term.

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