Adrian Beltre signed a five-year contract with the Mariners immediately after his incredible, historic, 48-dinger season with the Dodgers. Critics said that Beltre would never repeat that season again, but of course, the Mariners weren?t paying him to repeat his 2004 season over and over. If the Mariners paid Beltre as if they were expecting a bunch of his 2004 seasons, he would?ve landed the biggest contract in history. He got $64 million. The Mariners were more paying Beltre to be what he was in 2002-2003, and what the Mariners paid for was what the Mariners got.
Likewise, the Blue Jays aren?t paying Cabrera to repeat his 2012, and they aren?t even paying Cabrera to repeat his 2011. According to our numbers, the last two years Cabrera has been worth 8.8 WAR over 268 games. If the Blue Jays were paying Cabrera to be that sort of player, they might?ve guaranteed $16 million over one year or $32 million over two years. They?ve opted for half that, and Cabrera has accepted.
Do you know what an outfielder needs to be to be worth $16 million over two years as a free-agent acquisition? Something in the general neighborhood of league-average. Even slightly worse than that, or league-average and injury-prone. Cabrera was that sort of player in 2009 with the Yankees, when he posted a 94 wRC+. He was just kind of average at everything. If Cabrera could be that guy for two years, the Blue Jays wouldn?t have made a bad investment, and if Cabrera could be better than that guy for two years, the Blue Jays would have made a solid investment.
To say nothing of the Blue Jays? current position on the win curve ? extra wins to them right now might be worth more than extra wins for many other teams. The Blue Jays see an opportunity to compete in the AL East right now, and they?re going after it, which makes the Cabrera move a lot more interesting than it would be if Cabrera signed for a year with some cellar-dweller. Cabrera could once again play a prominent role in a pennant race.
In Toronto, he and Bautista will flank Colby Rasmus, in an outfield with massive error bars. You might be wondering why Cabrera signed this deal in the first place. For one thing, we don?t know much about Cabrera?s market. For another thing, the Blue Jays are obviously a lot more appealing than they were a week or a month ago. And for a third thing, is it that bad a deal for Cabrera, really? Let?s say he signed somewhere for a year and $6 ? 8 million. Let?s say he performed well. What would he expect a year from now? $10 million a season? $12 million a season? And what if he didn?t perform well? Then his value would be shot and his next-year expectations would be drastically lowered. This gives Cabrera some degree of security, and since he?s only 28 years old, it?s not like this is his last chance at a big free-agent contract. If he plays well with the Blue Jays, he?ll get paid well in 2015 and beyond.