The MLB season is fast approaching, and while deals sometimes get done during the dog days of summer, teams prefer when they can extend their top players before the action gets underway. Doing so can often avoid potential financial distractions, and it rewards the player for their strong play, both now and in the future. The Philadelphia Phillies were facing this situation with starting pitcher Zack Wheeler. Their ace was set to become a free agent in 2024, but the Phillies looked to extend him to a long-term deal.
The team set a record in the process, giving Wheeler a three-year contract worth $126 million that will keep him in Philadelphia through the 2026-27 season. The $42 million average annual value (AAV) is the largest for a contract extension in MLB history. Wheeler’s deal is also the fourth-highest AAV on any contract; only Shohei Ohtani, Max Scherzer, and Justin Verlander have made more per season.
Wheeler will play this season on the final year of his previous contract (five years, $118 million), which will save the Phillies millions in luxury tax savings.
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It’s wild to think Wheeler’s previous $118 million contract will turn out to be a steal, but he’s pitched incredibly well since arriving in Philadelphia. He’s struck out more than a quarter (26.7%) of all opponents he’s faced, throwing 629 1/3 innings and posting a 3.06 ERA since 2020, his first year on the team. He’s been even better in the postseason, finishing with a lower ERA and walk rate while improving his strikeout rate.
Wheeler previously played for the New York Mets in 2013 and 2014 and again from 2017 through 2019, missing the 2015 and 2016 seasons with injuries and subsequent setbacks. After this year, he’ll have ten MLB seasons under his belt, which means he can veto any trade that involves him.
The Phillies hope all their spending pays off. With Wheeler signed for the long-term, the team now has more than $200 million committed to its roster for the 2025 season — and it hasn’t yet played any games this season.
Philadelphia has gotten close to another title over the past two years, reaching the World Series in 2022 and coming within a game of doing the same in 2023. If Wheeler gets them over the hump, his new contract will again seem like a great bargain.