Report: Orioles and Chris Davis agree on seven year, $161 million contract

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UPDATE: Buster Olney of ESPN reports that the deal includes $42 million in interest-free deferred payments. Davis will make $17 million per season from 2016-2022. He’ll then receive annual payments of $3.5 million from 2023-2032 and $1.4 million from 2033-2037.

Per FOX Sports’ Ken Rosenthal, the present-day value of the contract is expected to come in under $150 million.

12:05 p.m. ET: FOX Sports’ Ken Rosenthal reports that the deal may only include a partial no-trade clause. It is also expected to include deferred money, which would take away from the present-day value of the contract.

8:09 a.m. ET: Big news this Saturday morning, as MLB Network’s Jon Heyman reports that the Orioles and Chris Davis have reached agreement on a new contract. Heyman adds that the deal is worth $161 million over seven years. It easily surpasses Adam Jones‘ $85.5 million extension as the richest contract in franchise history.

The final number also beats out the Orioles’ previous reported offer, which checked in at seven years and $150 million and included some deferred money. They eventually pulled that offer, but remained open to revisiting a possible deal. With negotiations stalled between the two sides, the Orioles were considering alternatives in recent weeks. The club reportedly made a five-year, $90 million offer to free agent outfielder Yoenis Cespedes this week, which could have forced a resolution with Davis.

After a down 2014 which ended with a 25-game amphetamine suspension, Davis bounced back in big way last season by leading MLB with 47 homers while posting a .262/.361/.562 batting line. The slugger turns 30 in March and the new deal will carry him through his age-37 season. This is a huge price to pay, especially when it’s unclear who the Orioles were bidding against, but owner Peter Angelos made him a priority and he’s considered a fan favorite. In addition to providing balance to Baltimore’s righty-heavy lineup, Davis has thrived at Camden Yards in his career, posting a .927 OPS. Most of these contracts don’t age well, but continuing this partnership makes sense for both sides.

FOX Sports’ Ken Rosenthal reports that Davis’ new deal includes a full no-trade clause and doesn’t have an opt-out.