Mariners and Hisashi Iwakuma agree to contract extension

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UPDATE: Jon Heyman of CBSSports.com reports that Iwakuma will get $14 million guaranteed. He’ll make $6.5 million in each of the next two seasons while there’s a $1 million buyout on a $7 million option for 2015.

11:29 PM: Hisashi Iwakuma was hours away from reaching free agency, but the Mariners swooped in at the last minute tonight and signed him to a two-year extension with a club option for 2015. Terms haven’t been disclosed.

As Larry Stone of the Seattle Times points out, there was a sense of urgency to get a deal done today. Per a stipulation in the one-year contract Iwakuma signed last offseason, if he re-signed with the Mariners after Saturday’s deadline, he would be ineligible to play for the club until May 15 of next year.

Iwakuma thrived after getting a chance in the Mariners’ rotation this July, going 9-4 with a 2.65 ERA and a 78/28 K/BB ratio over 95 innings. The 31-year-old right-hander will return to a rotation which is set to include Felix Hernandez and Jason Vargas. Erasmo Ramirez and Blake Beavan are the likely frontrunners for the other two spots.

The deadline is 8 PM ET Monday for Shohei Ohtani situation to be resolved

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Last Thursday, we learned that the MLBPA was challenging the Nippon Professional Baseball posting system, delaying Japanese superstar Shohei Ohtani’s move to Major League Baseball. The latest collective bargaining agreement removed a lot of the incentive for players to come to the U.S. by capping pay. Ohtani, for example, can only receive a signing bonus between $300,000 and $3.53 million while his team — the Nippon Ham Fighters — would receive $20 million for posting him.

Jon Morosi reports that the deadline for this issue to be resolved is 8 PM ET on Monday evening. He notes that key NPB officials have worked through the night in Japan to try to reach a resolution. It is possible that even if no agreement is reached, the deadline could be pushed further back.

Ohtani, 23, has become a heralded hitter and pitcher in Japan. At the plate over his five-year career, he has compiled a .286/.358/.500 triple-slash line with 48 home runs and 166 RBI in 1,170 plate appearances. On the mound, he has a 2.52 ERA with a 624/200 K/BB ratio across 543 innings.