Carlos Correa Shares What Giants Said About Ankle When Contract Fell Through

The shortstop initially reached a 13-year, $350 million agreement with San Francisco; however, the club had “concerns” with his physical. In an interview with The Athletic’s Ken Rosenthal, Correa revealed that the Giants’ conversations about his ankle with him were centered around the future, specifically “that in the future it might not hold up. Which I couldn’t understand.”

Correa went on to add, “I never missed a game because of my ankle. You look at my complete medical record in the big leagues, there is zero treatment on my ankle. And it has never hurt. I couldn’t understand how they were predicting the future, saying 8-10 years down the line something might happen to it.”

The shortstop, then, agreed to a 12-year, $315 million deal with the Mets, but the same scenario happened again. However, Correa revealed a new detail that may raise some eyebrows: New York used the same ankle specialist as San Francisco who did not pass him.

“He had already given an opinion to another team about my ankle. He was not going to change that. He was going to stand by what he was saying, of course, because that is what he believed,” Correa said to Rosenthal. “We did have other ankle specialists look at it and say it was going to be fine, orthopedists who know me, even the one who did the surgery on me. They were looking at the functionality of the ankle, the way the ankle has been the past eight years.”

Sources: Carlos Correa finalizing with Twins after Mets talks fizzle

Star shortstop Carlos Correa and the Minnesota Twins are finalizing a six-year, $200 million contract, pending a physical, after weeks of discussion to salvage a deal with the New York Mets broke down, sources familiar with the situation told ESPN.

The stunning turn caps a whirlwind month for Correa, who agreed to a 13-year, $350 million contract with the San Francisco Giants on Dec. 13. After the Giants raised concerns about Correa’s surgically repaired right leg, he pivoted quickly to the Mets, who offered him a 12-year, $315 million contract. The Mets flagged his physical as well, and efforts to amend the deal fell apart, leading Correa back to Minnesota, where he signed after a topsy-turvy offseason last year, too.

Steve Cohen confident Mets will make Carlos Correa decision soon

Too late!

Report: Mets frustrated with Correa talks, contemplating walking away | theScore.com

The Twins are back in it.

The New York Mets and star shortstop Carlos Correa aren’t on the same page in contract negotiations.

The Mets have become “very frustrated” with the process over the last few days and are considering walking away, a source told Andy Martino of SNY.

The two sides reached a 12-year, $315-million agreement on Dec. 21, but the pact was never finalized because of concerns flagged during the medical about an old ankle injury. Lawyers representing the team and player have reportedly been unable to agree on what language to add to the contract that would protect the club in the long term if the ailment becomes an issue.

Correa’s camp is now talking with other teams, according to Martino.

Carlos Correa in contact with another team after Mets hiccup

Does Jon Heyman have a business card with Boras Corporation on it?

Carlos Correa’s camp renewed contact with at least another interested team or two beyond the Mets on Thursday as negotiations over proposed contract language changes in the agreed-upon $315 million, 12-year deal ran into at least a hiccup or two.

Mets, Carlos Correa optimistic deal will work out after concerns

With a second questionable physical, I’m not sure Boras and Correa have many options for a long-term deal in this price range. Sure, they can pivot to a short-term, high AAV deal but I suspect they’d rather have a longer deal with some injury protection for the Mets baked in.

The Mets and Correa’s camp have been said to be trying to work things out since the team mentioned an issue with Correa’s physical examination, which was performed Thursday and Friday in New York. The holdup, which was learned about Saturday, is believed to regard ankle surgery done in 2014, and a subsequent MRI.

Before the holiday momentarily interceded, the sides were discussing the value of an iffy MRI versus the “functionality” of the joint and Correa’s history of dependability — he’s missed only an average of 14 games the past three seasons, and according to agent Scott Boras has never received any related treatment since that 2014 surgery.

The sides seemed excited and motivated to do this deal when it was agreed to, and with the Mets and Correa’s camp said to be “working on things” Saturday, there has appeared to be some optimism things could be worked out. The Mets understood the Giants’ doctor found this issue when the Mets and Correa’s camp agreed to the middle-of-the-night $315 million, 12-year deal that shook New York.

Baseball-Adjacent Content: Interest Rate Swap Hedging for Teams

The main takeaway of that previous article was that when interest rates are high, money in the future is worth less in present value, so teams that look at their books in terms of net present value will perceive long-term contracts as a smaller liability. The easy way of thinking about this is by imagining a team funding a contract upfront by buying bonds and holding them to pay out each future year of a player’s contract. You have to spend much less money today to fund future obligations than you would’ve had to spend if interest rates were much lower, as they were for the entire previous decade.

That’s not realistic, though, because teams don’t pre-fund contracts with treasury bonds. They have better stuff to do with any money sitting around, like buying real estate developments or lobbying senators. Most teams have debt outstanding, too; if they had a huge chunk of change sitting around, they’d look for new investments first, then think about retiring debt, then think about buying out minority owners, and probably prioritize buying treasury bonds only slightly higher than lighting the money on fire.

That presents a problem, because a change in interest rates can erode some or all of the value in signing long-term deals. Let’s use the same examples from last week’s article. At current risk-free discounting, Carlos Correa’s deal with the Giants is worth $285.4 million in present-day dollars. If rates were instead at last year’s levels, it would be worth $320.9 million in present-day dollars. That’s a $35.5 million hit to San Francisco’s books if rates ticked back down to a year ago’s levels tomorrow – and interest rates have spent a lot more time in the 1-2% range than the 3-4% range in the past 15 years.

You can see the issue here: are these “savings” really worthy of the name if they can evaporate thanks to uncontrollable and unpredictable fluctuations in interest rates? A long-term contract signed two years ago would look just as good on the books now as Correa’s deal, and if rates plummet back towards zero tomorrow, they’ll both look equally onerous in present value terms.

Carlos Correa agrees to 12-year, $315 million deal with Mets

What a surprising turn of events! You have to like this if you are a Mets fan, at least for now.

Superstar Carlos Correa and the Mets worked out a middle-of-the-night deal after his Giants deal fell through, the New York Post has learned. Correa’s new deal with the Mets is for $315 million over 12 years, sources told The Post.

Something came up on Correa’s medical with the Giants, and Cohen stepped in to do the deal he thought had gotten away from him. Correa will play third base for the Mets, giving the Mets a star-studded team and Cohen a record payroll north of $380 million.

“We need one more thing, and this is it,” Cohen told The Post from Hawaii. “This was important … This puts us over the top. This is a good team. I hope it’s a good team!”

Where will MLB draw the line if it determines teams are using long-term deals to beat luxury tax? ($)

It’s time to address an issue that has some team executives grumbling: Have the big-money clubs figured out a way to beat the luxury-tax system with this sudden outbreak of 11-year and 13-year contracts?

And if they are, at what point would Major League Baseball step in and say no more?

The new free-agent deals for Carlos Correa (13 years), Trea Turner (11) and Xander Bogaerts (11) all share a common drawn-out structure. But it was the Phillies’ negotiations with Bryce Harper in 2019 that first pushed the boundaries of contracts this long.

The 13-year term the Phillies awarded Harper was a record for a free agent. But before they got to that length, they talked internally about going even further, as reported by The Athletic’s Matt Gelb. To 20 years. Infinity, and beyond!

San Francisco Giants Carlos Correa agree to 13-year, $350M deal

Shortstop Carlos Correa and the San Francisco Giants are in agreement on a 13-year, $350 million contract, a source familiar with the deal tells ESPN.

The free agent path of Correa, 28, was far less circuitous than last year, when he entered the market in hopes of landing a $300 million-plus deal but wound up signing a shorter-term contract with the Minnesota Twins that included an opt-out after the first season. This winter, Correa found a market that lavished $300 million on Trea Turner and $280 million on Xander Bogaerts far more to his liking and wound up with the second-biggest deal behind Aaron Judge’s nine-year, $360 million contract with the New York Yankees.

Carlos Correa opting out of Twins deal to become free agent

Minnesota Twins shortstop Carlos Correa will exercise his opt-out clause and become a free agent, he told El Nuevo Día newspaper Wednesday.

Correa, who hit .291 with 22 home runs, 64 RBIs and 70 runs scored in 136 games this season, said now was the time to choose free agency.

“With the year that I have had, my health and my being at the best moment of my career at 28, that is the right decision,” Correa told the Puerto Rican newspaper.

The shortstop spent the first seven years of his career with the Houston Astros, winning a World Series championship in 2017. He did not find the long-term contract he was looking for last winter and chose instead to sign a three-year, $105.3 million deal with the Twins that included multiple opt-outs.