Cardinals and Yadier Molina closing in on five-year, $70-75M extension

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UPDATE: Rosenthal reports that the two sides are closing in on a five-year deal in the $70-75 million range.

Molina would make $14-15 million per season if Rosenthal is correct, which would give him the second-highest AAV (average annual value) for a catcher ever behind Joe Mauer’s current eight-year, $184 million contract ($23 million).

As Rosenthal notes, only six catchers have ever signed long-term deals which averaged more than $10 million per season: Mauer, Mike Piazza, Jason Kendall, Jorge Posada, Ivan Rodriguez and Jason Varitek.

7:28 PM: Ken Rosenthal of FOXSports.com reports that the Cardinals and Molina are “very close” to agreeing on a five-year extension worth more than $60 million.

5:44 PM: Last week the Cardinals and Yadier Molina were said to be making good progress on a long-term contract extension and now Joe Strauss of the St. Louis Post Dispatch reports that “terms are all but finalized.”

According to Strauss an agreement is expected to be in place by Friday and “both sides are very optimistic.”

Molina is currently slated to be a free agent next offseason, finishing up a five-year, $21.75 million deal that has proven to be a bargain for the Cardinals. Most speculation about his new deal has guessed 4-5 seasons at $10-12 million per year, which would be one of the five largest contracts ever for a catcher.

Angels release Matt Harvey

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Among several transactions made on Sunday, the Angels announced that pitcher Matt Harvey has been released. The right-hander was designated for assignment on Friday.

Harvey, 30, was hoping to bounce back with the Angels after signing a one-year, $11 million contract in December. It didn’t work out. In 12 starts spanning 59 2/3 innings, Harvey allowed 47 earned runs on 63 hits and 29 walks with 39 strikeouts. Harvey missed time between May 24 and July 12 with an upper back injury.

Since his 2015 campaign with the Mets, after recovering from Tommy John surgery, Harvey has a 5.65 ERA in exactly 400 innings. Given his age, he could still find an opportunity with another team short on pitching depth, but he is running out of leash, as they say.