UPDATE: Miguel Cabrera, Tigers agree to extension; will make $292M over next 10 years

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UPDATE: CBS Sports’ Jon Heyman reports that the deal includes two vesting options valued at $30 million each. If Cabrera maxes out the deal, he could make as much as $352 million over 12 years.

6:56 p.m. ET: The new money in the deal works out to eight years and $248 million, per FOX Sports’ Jon Paul Morosi. That’s an AAV (average annual value) of $31 million, which would surpass Clayton Kershaw for the highest in baseball history.

The total commitment over the next 10 years will be around $292 million. That figure was first floated by Chris Cotillo of MLB Daily Dish.

6:37 p.m. ET: According to ESPN’s Jerry Crasnick, the extension will be for 10 years and just under $300 million. The deal includes the two years remaining on Cabrera’s current contract and eight additional years. It will take him through 2023 and his age-40 season.

Cabrera was set to make $44 million from 2014-2015, so depending on the structure, the deal could include around $250 million in new money. That would put him in the stratosphere of the two Alex Rodriguez contracts ($275 million and $252 million), which are the richest in baseball history. Albert Pujols and Robinson Cano ($240 million) are tied for third.

6:15 p.m. ET: FOX Sports’ Jon Paul Morosi reports that the new deal will add at least six years on to Cabrera’s current contract, which is set to expire after 2015. He will receive an AAV (average annual value) of around $30 million in those six years, which means that the Tigers’ commitment to Cabrera over the entire eight-year span will be at least $224 million. We should know more soon.

6:06 p.m. ET: CBS Sports’ Jon Heyman reports that the Tigers and Cabrera have reached agreement on an extension. It’s believed to be for at least seven years.

FOX Sports’ Jon Paul Morosi hears that the AAV (average annual value) is expected to be around $30 million, which would be a new record for a position player. If these reports are accurate, we’re likely looking at a guarantee of at least $210 million.

5:30 p.m. ET: Detroit may have missed its chance to extend Max Scherzer’s contract before he hits the open market, but Jon Heyman of CBSSports.com reports that the Tigers are close to a long-term contract extension with two-time MVP Miguel Cabrera.

Cabrera has two more seasons remaining on an eight-year, $152 million deal, with $22 million salaries owed in 2014 and 2015, but so far at least there’s no word on the specifics of the extension.

This is Cabrera’s age-31 season and he followed up winning the traditional Triple Crown in 2012 by winning the sabermetric Triple Crown last season, leading the league in batting average, on-base percentage, and slugging percentage. Combined over the past four seasons he hit .337 with a 1.037 OPS while averaging 39 homers, 40 doubles, 88 walks, and 127 RBIs.

Albert Pujols’ ten-year, $240 million deal with the Angels and Joey Votto’s ten-year, $225 million deal with the Reds would seemingly be pretty good starting points for a Cabrera extension and it’s tough to imagine him getting less than $200 million considering Prince Fielder got $214 million from the Tigers as a free agent two offseasons ago.

Evan Longoria: ‘I just kind of feel sorry for the Rays fan base’

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The Rays were busy over the weekend, trading starter Jake Odorizzi to the Twins, designating All-Star outfielder Corey Dickerson for assignment, and then picking up C.J. Cron in a deal with the Angels. The Rays saved about $4 million — Odorizzi’s $6.3 million less Cron’s $2.3 million salary — and picked up a prospect. They’re still on the hook for Dickerson’s $5.95 million salary until they can find a trade partner, which seems likely.

Those are some head-scratching moves if you’re a Rays fan or a member of the Rays. Dickerson hit .282/.325/.490 with 27 home runs, 62 RBI, and 84 runs scored in 629 plate appearances last season, part of which resulted in his first trip to the All-Star Game. Designating him for assignment is strictly a financial move, assuming he can be traded. The Rays are currently operating with a payroll below $70 million. This comes just a week and a half after Rays ownership proposed the public footing most of the bill for the club’s new stadium. And the Rays had traded third baseman Evan Longoria — then the face of the franchise — to the Giants earlier this offseason.

Longoria expressed sympathy for Rays fans for having to put up with this. Via Andrew Baggarly, Longoria said of the curious Dickerson move, “I just kind of feel sorry for the Rays fan base. … I’m not going to take too many shots but it’s pretty obvious that guy is a valuable player and didn’t deserve to be DFAd. Corey was our best player last year.”

Longoria isn’t quite on the money there. By WAR, Dickerson ranked fifth among position players on the team, according to Baseball Reference. FanGraphs is also in agreement. Still, it’s indisputable that Dickerson, who turns 29 years old this May, more than pulled his weight. The Rays do not have a surfeit of starting outfielders, so it wasn’t like they were making room for other capable players. Mallex Smith, who put up a .684 OPS in 282 PA last year, is slated to start in left field at the moment. Designating Dickerson for assignment, as well as trading Longoria and Odorizzi, were simply cost-cutting decisions.

The Rays’ M.O. has been part of the problem leading to the current stagnant free agent market (sans Eric Hosmer‘s eight-year deal on Saturday). Teams like the Rays, Phillies, Reds, and Tigers have been explicitly putting out non-competitive teams in order to facilitate a rebuilding process. Longoria is right to express sympathy for Rays fans, who see their favorite team worsening a roster that went 80-82 last year. The Rays haven’t finished at .500 or above since 2013 and doesn’t figure to halt the streak this year.