CHICAGO -- The Red Sox and Tim Wakefield have agreed to a new two-year deal worth a guaranteed $5 million for the pitcher, according to major league sources. The deal would pay Wakefield $3.5 million in 2010 and $1.5 million in 2011, with additional incentives that could bring the value of the deal as high as $10 million. If Wakefield makes 30 starts in '10 his guaranteed salary reaches $5.5 million and if he pitches 160 innings in '11 then that year's base salary jumps to $3.5 million.
The Sox decided not to exercise the recurring one-year, $4 million option on the pitcher's contract for the 2010 season after concerns after he underwent surgery following the 2009 season, in which Wakefield went 11-5 with a 4.58 ERA while earning his first career All-Star nod. The new deal would involve lower guaranteed salaries for Wakefield, though incentives could increase the potential value of the deal to close to what Wakefield might make under his current arrangement, which has been in place since the 2006 season.
Since signing with the Sox as a free agent in 1995, Wakefield has a 175-150 record and 4.35 ERA in 525 games. His win total ranks third in club history, behind only Cy Young and Roger Clemens, each of whom had 192 career wins with the Sox.
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