Report: Indians and Justin Masterson break off extension talks

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The odds of the Indians reaching a contract extension with right-hander Justin Masterson appeared favorable earlier this month, but FOX Sports’ Ken Rosenthal is reporting that talks have broken off.

Exact terms of Masterson’s demands aren’t known, but Rosenthal hears that he was believed to be asking for a three-year deal valued at less than the $17.5 million AAV (average annual value) on Homer Bailey’s recent six-year, $105 million extension with the Reds. The Indians were not receptive to the proposal and talks failed to progress, making it likely that Masterson will try his luck on the free agent market after the season.

Masterson, who turns 29 on Saturday, is coming off a 3.45 ERA and 195/76 K/BB ratio over 193 innings last season. If he can duplicate those numbers this year, he should be in fine position to land a lucrative deal on the open market.

UPDATE: CBS Sports’ Jon Heyman reports that the Indians countered Masterson’s proposal at two years with a team option valued at around $14 million per season.