Worst Contract Ever?

by jscape2000 on Apr 17, 2008 12:38 PM EDT in Analysis

Jon Heyman has a piece over at SI.com detailing the worst free agent contracts in history.

Among the things he got right, he wrongly called Jason Giambi's 7 year, $120 million contract the 5th worst of all time.

That's ridiculous enough, but then Heyman gives his reasoning:

He apologized for who knows what but hasn't yet apologized for taking all this money, which is, of course, obscene. He's still got $26 million to go in this the final year alone, assuming the Yankees decline the option year for a measly $5 mil.

Let's unpack this. Giambi apologized for being a distract (and, we infer, steroid use) after his name was tied to Gary Sheffield and Barry Bonds in the BALCO case.

Somehow, the millions those two have earned pre- and post-BALCO are not up for consideration (maybe because they don't play in New York at the moment?). All the other steroid users in baseball playing out huge contracts get a pass- Pudge (playing out a 13 million club option) and Sheffield (2 years/ 28 million remaining) leap to mind, and Heyman wrote an article on Angel's 4th outfielder and ousted CF Gary Matthews Jr (4 years/ $40 million remaining).

If it's steroids that Heyman is worked up over, I also resent the intrinsic assumption that Giambi's pre-FA numbers were a good investment. I know it's wrong to criticize Billy Beane, but replace Giambi's otherworldly seasons 1999-2001 with merely a league average 1B, and the A's miss the playoffs in 2000. If steroids are the issue, where is the list naming Giambi's .321/.440/.585 line with the A's among the worst bargains ever?

Is it the dollars that are appalling? Giambi has eaten up 12% of the Yanks payroll the last few years- less than Manny and the Red Sox (15%), Burrell and the Phils (14%), and Morris and Pirates (20%, though he was signed as a Giant and traded), just to name a few.

I know the issue can't be Giambi's production- in the 6 full seasons since he joined the Yanks he has averaged 5.9 wins above replacement each season. I'm not pretending that his .269/.416/.529 line with the Yanks justifies his salary, but that line ranks among the elite hitters in the league. And while Giambi has been injury prone, he's played most games in 4 seasons, and two half seasons, and we knew he was an injury risk when he signed.

To lump him in with the worst contracts ever is absurd.

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It's a symbol

I can’t speak for anyone else, but I view this a little differently. I do agree with you that it’s a ridiculous assertion on Heyman’s part to put Giambi that high on the list. The people who he is above on this list, like Kevin Brown? I mean, really, there is no basis in fact that I can see for this opinion. I mean, seriously, Giambi’s deal above Mo Vaughn? You’ve got to be kidding me.

Having said that, Giambi’s contract, and his acquisition in general, were a symbol of a changing team, and a change in strategy to match. This change in philosophy was clearly flawed, as evidenced by the inability to win a title over the last eight years despite outspending everyone else every single year in that period. Building a team out of high priced free agents has rarely worked in MLB.

by bump on Apr 17, 2008 2:37 PM EDT 0 recs

Heyman

Has a weekly spot on Mike and the Maddog. That should tell you all you need to know about his baseball savvy.
Carl Pavano number 2?
“Never really looked interested. Changed agents more times than he actually pitched.” This is why sportswriters should be fired. How about mentioning that when he actually did pitch he stunk? And that for a team in the AL east it might not be such a great Idea to sign a guy who feasted on terrible NL east teams? Maybe then I can see your point.

that being said, I can’t rank his contract the 2nd worst of all time. Shit happens, especially with pitchers, and Pavano is Exhibit A.

by seanp23 on Apr 17, 2008 3:55 PM EDT 0 recs

Pavano

C’mon, in hindsight that was a terrible contract. The Yankees paid him about $2.1 million per start, or if you prefer, an even $8 million per win.

by Jugwine on Apr 17, 2008 6:03 PM EDT up 0 recs

Re:

At least you can’t question his dedication to the team. Not only does he have a grueling workout regimen, but he said there’s no chance he’d see his ‘teammates’ in Tampa.

by anaconda on Apr 17, 2008 6:22 PM EDT up 0 recs

Heyman

Not a big fan of Heyman regarding the action on the field, but he does have great sources for inside info.

He’s not a great analyst – just a solid reporter.

by anaconda on Apr 17, 2008 3:58 PM EDT 0 recs

Giambi

This definitely was a disaster signing and Heyman is absolutely correct. Giambi was supposed to bring the Yankees more World Series titles, but besides a really good first season, he has not delivered for the Yankees since, averaging only 95 hits each of the last five seasons. And he only has 5 hits this season – three against Boston’s Mike Timlin! Unless the Yankees need a $26 million pinch hitter against Timlin – Giambi is a bust for the Yankees and completely expendable right now. The only reason he is in the lineup is because of the money he is owed.
Many fans and GM’s point to a FA signing and say “The guy put up great numbers during his tenure here,” but isn’t the idea to win championships – not just put up big numbers. Giambi has done neither with the Yankees – win titles or put up big numbers.

by thejobarules on Apr 21, 2008 12:21 AM EDT 0 recs