Per Jeff Wilson of the Fort Worth Star-Telegram, the Rangers have agreed to an extension with Matt Harrison on a 5-year, $55 million deal, with an option for a sixth year. In an earlier post, I suggested a 5-year extension worth $45 million.
Matt Harrison is an interesting case, as he has now outperformed his peripherals for two consecutive seasons, but he does yield a very solid HR/FB ratio, which is possibly unsustainable, given that other pitchers with similar HR/FB ratios have the prototypical swing-and-miss stuff.
Taking the terms of this deal at face value, the Rangers have made a very solid extension. Especially after considering the fact that the minor league system lacks any top-flight starting pitching prospects, and given the rising price of pitching on the FA market. Even if Harrison regresses, as indicated by his peripherals, which suggest a pitcher who has gotten lucky the past two seasons, Harrison still projects to be a dependable and solid innings-eater, which in of itself is valuable to the Rangers at this reported salary.
The price of pitching on the FA market is soaring. You can point the finger of blame at the emergence of mega TV deals for this trend, but in the end, this extension should prove to be a very solid deal for the Rangers.