Blue Jays finalize five-year, $65 million deal with Jose Bautista

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Jose Bautista and the Blue Jays made things official this afternoon, announcing his five-year contract extension worth $65 million.

The contract breaks down as follows:

2011 – $8 million
2012 – $14 million
2013 – $14 million
2014 – $14 million
2015 – $14 million
2016 – $14 million team option or $1 million buyout.

Bautista had asked for $10.5 million in his third and final season of arbitration eligibility while the Blue Jays countered at $7.6 million, so the extension basically pays him about $1 million below the midpoint for 2011 while buying out his first four seasons of free agency for $14 million per year.

Toronto also has a $14 million option or $1 million buyout for 2016, at which point Bautista will be 35 years old and the contract will either look like a bargain for a player who was able to sustain most of the production from his out-of-nowhere breakout or a huge overpay for a team that bet wrongly about his 2010 performance being for real.

I certainly wouldn’t bet on Bautista having another 50-homer, 1.000-OPS season in him, but the Blue Jays aren’t necessarily betting on that either.  After all, that type of production would be worth significantly more than $64 million for five seasons, as Fan Graphs pegged Bautista as being worth around $28 million in 2010 alone.

Instead, the Blue Jays are betting on him retaining most of that power as well as most of his improved plate discipline. If he turns back into a pumpkin it’ll be a regrettable contract, but even if Bautista settles in as a 30-homer, .850-OPS hitter going forward he’d be worth pretty close to what Toronto has committed to pay him through 2015. And for his career he’s averaged 25 homers and a .794 OPS per 600 plate appearances.