Eric Chavez’s deal with the Yankees worth up to $5.5 million

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Eric Chavez agreed to a minor-league contract with the Yankees last week and today the deal (and its details) became official.

Chavez will get $1.5 million if he makes the team out of spring training and Susan Slusser of the San Francisco Chronicle reports that he can opt out of the contract and become a free agent again if he’s not added to the roster by March 26.

If he does make the team, Chavez can then earn an additional $4 million in bonuses based on playing time and days spent on the roster, which is basically a way for the Yankees to avoid paying the oft-injured infielder if he’s on the disabled list.

Even if Chavez is healthy he won’t play much for the Yankees with Alex Rodriguez at third base and Mark Teixeira at first base, so while the contract is worth up to $5.5 million that’s sort of like saying a lottery ticket is worth up to $100 million. On the other hand, even the $1.5 million he’d get for making the Opening Day roster is a significant chunk of change for a guy who hasn’t been healthy and productive since 2007, so he’ll definitely have to prove he’s worth keeping prior to March 26.