Padres Finalize $350 Million Manny Machado Contract Extension

San Diego Padres third baseman Manny Machado in 2019
San Diego Padres third baseman Manny Machado in 2019. Photo by Chris Brown/CSM/Shutterstock (10374975b)

Manny Machado and the San Diego Padres are in the process of finalizing an 11-year, $350 million contract extension, sources revealed on Sunday. This comes after the third baseman stated that he intended to opt out of the final five years of his current contract with the Padres along with $150 million after negotiations for an extension broke down.

While the star third baseman initially set a February 16 deadline for the Padres to reach an extension deal with him, Machado’s agent, Dan Lozano of MVP Sports, continued discussions with Padres general manager A.J. Preller, with the pair ultimately reaching an agreement.

Since arriving in San Diego in 2019, Machado has proven to be a key player as the Padres chase their first World Series in their 54-year history. Last season, Machado hit a career-best .298/.366/.531 with 32 home runs and 102 RBIs, finishing second in National League MVP voting. Even more importantly, he led the Padres to the National League Championship Series where they were defeated by the Philadelphia Phillies.

Currently, the Padres have the third-highest competitive balance tax payroll in Major League Baseball.