3:25PM: According to Matt Gelb of The Athletic, the extension would guarantee Sanchez $22.5MM in total. The 2029 club option year is worth $14MM, and the 2030 club option is worth $15MM. Gelb added that the value of both options will increase if Sanchez is able to finish in the top 10 of the NL Cy Young voting.
10:33 AM: The Phillies have officially announced the extension, with no financial terms released. Sanchez's deal covers the 2025-28 seasons, and Philadelphia has club options on his services in both 2029 and 2030.
9:10AM: The Phillies and the left-hander Christopher Sanchez are in the final stages of finalizing a four-year contract extension, reports the New York Post's Jon Heyman (X link). Sanchez is already under team control through the 2028 season, so the deal would provide the Phils with cost certainty for the next four years and beyond. Heyman indicates there are years of multiple club options, so the Phillies can control at least two more free agent seasons for Sanchez. The 27-year-old Sanchez is represented by agent Gene Mato.
The signings continue Philadelphia's penchant for closing arms, as all extensions signed during Dave Dombrowski's tenure as president of baseball have come to an end. These deals range from short-term deals to avoid compensation to the most expensive three-year, $126MM extension. Zack Wheeler was signed last March, and Sanchez's deal should fall somewhere in between.
Considering Sanchez's advanced age (he turns 28 in December) and the fact that he's not even eligible for compensation until the 2025-26 regular season, the extension is a brutal move on the part of Dombrowski's front office. While the southpaw had set himself up for good salaries in his arb years, having an inexpensive arm in the rotation would help offset the luxury tax rating of more expensive players like Wheeler, Bryce Harper, Trea Turneragain Aaron Nolaall signed through at least the 2027 season. Nick Castellanos again Taijuan Walker and on the books until 2026, JT Realmuto again Kyle Schwarber until 2025, and the likes of Guard Suarez, Alec Bohmagain Bryson Stott they have also played well enough to merit consideration for long-term commitments.
The Phillies have exceeded the luxury tax limit the past two seasons and will do so again in 2024, as the team has shown it is willing to spend big in pursuit of a championship. Against this backdrop, it's no surprise that the Phils opened the checkbook once again to keep a player they love, and who they feel could end up being a trade at the time of the extension, given the way Sanchez has emerged as a player. which started in 2023-24.
An international signing of the Rays out of the Dominican Republic in 2013, Sanchez was dealt to Philadelphia in November 2019 in an individual trade. Curtis Mead. Going under the radar at the time, it's turned out to be a pretty good deal in retrospect given how Sanchez developed into a capable MLB starter, and how Mead went on to become a top 100 prospect in Tampa's farm system (and a great player himself, though in only 50 games so far).
Sanchez showed flashes of his future potential as a starter and reliever during his time in the Rays farm system, and the Phillies used him heavily as a starter during his time in the minors. He made his MLB debut in 2021 and has worked as a reliever in all but four of his major league games (52 2/3 innings over 23 appearances) in 2021-22, but some injuries opened up Sanchez's he finally entered. Philadelphia threw for him last season. The result was a 3.44 ERA over 99 1/3 innings, supported by a 24.2% strikeout rate, a 4 percent walk rate, and a 57% strikeout rate.
That success has carried over to this season, as Sanchez has a 2.91 ERA, a 20.3% strikeout rate, a 7.4% walk rate, and a 59.4% slugging percentage. While the walk rate is no longer elite and Sanchez's K% is now below average, he still generates tons of bases, and may be considered somewhat unlucky as he has a .342 BABIP. Sanchez is doing a solid job of limiting the tough contract and especially keeping the ball in the park – after allowing 16 hits in his 99 1/3 innings in 2023, Sanchez has given up one home run in 77 1/3 frames this . a year. While he's not the strongest thrower in the league, Sanchez has added a lot of velocity, now averaging 94.3mph on his fastball after averaging 92.1mph last year.
This ground-heavy skill set could lend itself to some variation if ground balls start to find holes in the infield, or if Sanchez's new found success in limiting homers doesn't continue. That said, the Phillies apparently trust Sanchez enough as an effective member of the rotation that they have now confirmed their commitment to him for the better part of a decade.
From Sanchez's point of view, he will now have the first big payday of his professional career. Since he wouldn't enter free agency until after his age-31 season, Sanchez would get a life-changing financial opportunity now, rather than risking an injury or dip in form that could derail his future prospects. a large multi-year contract.
Looking at the bigger picture of the Phillies' situation, extending Sanchez raises new questions about whether or not keeping Suarez is in the team's plans. Suarez is eligible for compensation again before hitting the open market after the 2025 campaign, and the lefty's exit as a Cy Young Award candidate this season will increase his asking price. With so much money already committed to change in particular, keeping Sanchez could be a way for the Phillies to build a hedge if Suarez leaves in free agency, or it wouldn't be surprising if the Phils break the bank again to keep Suarez. and another remarkable extension.
With most of their rotation locked up, the Phillies have limited room on the roster for top prospect Andrew Painter as well Mick Abel. This could make Philadelphia more open to moving more youngsters for quick relief at this year's deadline, although it should be noted that Abel has not pitched well in Triple-A this season and Painter won't play until 2025 due to Tommy John. surgery. Until the Phils have more clarity on their young arms in particular, Dombrowski would be wary of dealing with first teams. Spencer Turnbull he did very well when he was used as a starter this season as well, even though he was only signed for this season.
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