No official announcement has been made yet quite yet, but various reports confirm that Daisuke Matsuzaka will undergo Tommy John elbow surgery next week.
That means he’s finished for this season and will likely miss most or perhaps even all of 2012, which is the final year of his six-year contract with the Red Sox signed in December of 2006.
Between the posting fee to win his exclusive negotiations rights and the six-year contract Boston made a total investment of $103 million in Matsuzaka. What did they get for that money?
Your mileage may vary, of course, but to my eyes Matsuzaka has had one very good season (2008), two decent seasons (2007, 2010), and two injury wrecked and/or terrible seasons (2009, 2011). Add it all up and he logged 623 innings spread over 105 starts and one relief appearance, posting a 4.25 ERA and 568/301 K/BB ratio while opponents hit .242 with a .720 OPS off him.
Basically he was a solid mid-rotation starter with durability issues, starting 32, 29, 12, 25, and 7 games (plus whatever he contributes next season) with an ERA that was 5-10 percent better than the league average once you adjust for Fenway Park.
According to Fan Graphs’ player evaluation system that performance was worth about $44 million and Matsuzaka also had a 4.79 ERA in seven postseason starts, so let’s bump that up to around $50 million. There are probably also plenty of off-field factors involved in his overall value to the team, but strictly in terms of on-field performance for a six-year, $103 million investment the Red Sox received approximately $50 million worth of value in the form of one good season, two decent seasons, and two (and likely three) bad seasons.