Justin Verlander has a 4.00 ERA and $167 million coming his way

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Even though the Tigers still had Justin Verlander signed for two more years, they signed their right-hander to a huge contract this spring that essentially made him the highest-paid pitcher ever. He’ll receive $28 million per year every year from 2015-2019.

That’s kind of a scary thought right now, isn’t it? Verlander gave up seven more runs Thursday in a loss to the White Sox. He fell to 10-8 with a 3.99 ERA for the season. Six times this year he’s allowed at least five earned runs in an outing. Only Mark Buehrle, R.A. Dickey and Jeremy Guthrie, with seven such outings, have done so more frequently.

That’s certainly not to say Verlander has been all bad. He has eight outings in which he’s allowed one or no earned runs, including two this month. His ERA ranks just 24th in the AL, but he is sixth in strikeouts and seventh in innings pitched. He’s hardly been a liability.

What is worrying is that Verlander’s average fastball has tumbled to 92.7 mph this year, according to Fangraphs’ Baseball Info Solutions data. He came in at 94.3 mph in 2012, and he was in the 95-96 mph range each of the three years before that.

Verlander isn’t falling apart, but it seems pretty likely that his peak has already come and gone. Before his Cy Young season in 2011, his career best ERA in six seasons was 3.37 and WHIP was 1.16. The mid-3.00 ERAs seem like the better bet for the future than the mid-2.00s of 2011 and ’12. And that’s probably the optimistic scenario for the Tigers, considering that he was baseball’s hardest working pitcher from 2009-2102.

The Tigers still had Verlander under control for two more years when they extended him this spring. Technically, it was announced as a brand new seven-year, $180 million contract, but in reality, it was a five-year, $140 million extension for 2015-19. At that rate, the deal had very little upside. Verlander needs to remain one of baseball’s best pitchers to justify that kind of salary, and that’s an awful lot to ask. There aren’t many pitchers in history who can claim to have had an eight- or 10-year run as one of baseball’s best.

If not for the extension, the Tigers would currently owe Verlander $27 million through the end of 2014. That sounds a whole lot better to me than $167 million through 2019.

BREAKING: Manny Machado to sign with the Padres: 10 years, $300 million

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Jeff Passan of ESPN reports that Manny Machado has a deal with the San Diego Padres. Mark Feinsand of MLB.com reports that the deal is for ten years and $300 million with an opt-out after year five.

At the moment there is some disagreement as to how “done” this deal is, with Padres chairman Ron Fowler saying “We do not have a deal. We are continuing discussions.” Ken Rosenthal, however, says that’s “semantics” and that the financial terms are in place, with the deal requiring over some final touches on language and Machado’s physical, which will likely be a formality.

The Padres were a late entrant into the Machado sweepstakes, but they reportedly met with Machado last week. The club has obviously not won for a long time, but they have a strong farm system. While that usually mitigates against a big free agent signing, Machado’s age — 26 — means that he’s still likely to be a productive player when that core of prospects is mature. And if it doesn’t develop, hey, he’s made some serious bank and can still opt-out at an age when he might get another decent paycheck.

For the Padres, Machado represents the biggest single investment in a player in club history. Last year they spent too, of course, giving Eric Hosmer an eight-year, $144 million contract, but this is definitely next-level. As for the baseball side of things, it’s likely that Machado will be the full-time third baseman with Luis Urias handling shortstop. While all of the talk about Machado over the past several months has been focused on money and, sometimes, his alleged lack of hustle, the Padres are getting a player with a career line of .282/.335/.487 (121 OPS+), 175 career homers and a 33.8 career WAR in seven big league seasons. While he played shortstop last year and as a minor leaguer, his past and future is at third, where he is a superior defender. As for the hustle: it has almost exclusively been an obsession of the media, based on an ill-advised postgame quote in October. He has received no bad reviews from former teammates, all of whom speak highly of his game and his work ethic.

When the offseason began it appeared that the Phillies or the Yankees or, perhaps, the White Sox had the inside track on Machado. Everyone took a wait-and-see approach, reasonably believing that by waiting out Machado, a better deal could be struck. The risk of that approach, of course, is that it allowed the Padres to talk themselves into getting bold and, ultimately, swooping in to strike this deal.