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Reds sign Castellanos


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Castellanos' deal has deferrals:

 

Here’s the full structure of the four-year, $64MM contract, per the report and previously reported information

 

2020: $16MM salary with $10MM payable during season and $2MM payments on January 15, 2021, February 1, 2021 & January 15, 2022

2021: $14MM salary with $10MM payable during season and $2MM payments on January 15, 2022 & January 15, 2023

2022: $16MM salary with $12MM payable during season and $2MM payments on January 15, 2023 & January 15, 2024

2023: $16MM salary with $12MM payable during season and $2MM payments on January 15, 2024 & January 15, 2025

2024: $20MM mutual option ($2MM buyout)

Add it all up, and this is the full guaranteed payout schedule for Castellanos:

 

2020: $10MM salary

2021: $10MM salary + $2MM (1/15/21) + $2MM (2/1/21)

2022: $12MM salary + $4MM (1/15/22)

2023: $12MM salary + $4MM (1/15/23)

2024: $2MM buyout (or $20MM salary) + $4MM (1/15/24)

2025: $2MM (1/15/25)

It should be noted: once earned, a given season’s salaries will still be paid by the team even if Castellanos opts out. He has two opportunities to do so, after each of the first two seasons of the contract. Should he opt out, Castellanos would sacrifice the ability to earn additional money under the contract but not the right to receive the deferred payment for what he had already earned.

 

I think that last line means even if he opts out in year 1, he'd get the $10M plus the $4M of deferrals paid in 2021, etc.

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