On Monday I posted a write-up examining the pros & cons of extending Huston Street‘s contract from the Angels perspective. Well wouldn’t you know it, but earlier today – as first reported by Bill Shakin of the Los Angeles Times – the Angels & Street agreed to terms on a 2-year, $18 million contract extension that will cover the 2016-2017 seasons and also includes a club option for the 2018 season. According to Jon Heyman of CBSSports.com, the club option is worth an additional $10 million and includes a $1 million buyout should the Angels decide to decline it. According to Jeff Fletcher of the Orange County Register, Street will earn salaries of $8 million in 2016 and $9 million in 2017.
For the purposes of the Competitive Balance Tax, because the deal comes with $18 million guaranteed over 2 years, this extension represents a $9 million hit against the tax for the 2016 & 2017 seasons. Should the club option be exercised for the 2018 season, it would be the full $10 million hit against the tax.
Since coming to the Angels via a trade with the San Diego Padres on July 19, 2014, Street has pitched to a 2.25 ERA over 42 games, converting 28 of 32 save opportunities. This contract extension ensures Street will continue closing games for the Angels through the 2017 season and also gives the Angels contractual control through the 2018 season.