Phillies, Zack Wheeler agree to historic 3-year, $126M extension
Starting pitcher Zack Wheeler and the Philadelphia Phillies are in agreement on a multi-year contract extension that will keep the ace in red pinstripes for the foreseeable future.
The Phillies and RHP Zack Wheeler have agreed to terms on a three-year contract extension that begins in 2025 and runs through the 2027 season.
Phillies President of Baseball Operations made the announcement today.— Philadelphia Phillies (@Phillies) March 4, 2024
ESPN's Buster Olney reported that the extension is for three years and a total of $126 million. Wheeler will earn $42 million per year, the fourth-highest annual pitcher salary ever and the highest average annual value for a contract extension in MLB history.
Zack Wheeler’s 3-year, $126 million extension is the highest annual salary for any contract extension ever.
— Buster Olney (@Buster_ESPN) March 4, 2024
The Phillies haven't had such a busy offseason for starting pitching since 2011, when they signed Cliff Lee to create the "Four Aces" alongside Roy Halladay, Roy Oswalt and Cole Hamels. In November, the Phillies gave homegrown pitcher Aaron Nola a seven-year, $172 million contract that will likely keep him in Philly until the end of his career.
Wheeler, 33, has a 3.06 ERA over four seasons (101 starts) with the Phillies. His best season came in 2021, when he started 32 games and pitched 213 1/3 innings, the most in MLB. With a 2.78 ERA, three complete games (two shutouts) and an NL-leading 247 strikeouts, Wheeler was selected to his first All-Star Game and earned his first Cy Young votes, finishing second in the NL.
Until news about the extension dropped Monday, Wheeler was entering the last season of a five-year, $118 million contract signed with the Phillies in late 2019. At the beginning of that deal, both Wheeler and the Phillies were in vastly different positions than they're now. Wheeler, who was drafted by the Mets in 2009, had dealt with significant elbow injuries early in his career, and his future was a question. The Phillies were one season removed from signing Bryce Harper but hadn't yet figured out how to be competitive.
Now, four years later, Wheeler has completely rebuilt his value and discovered a new gear, thanks to the work he and the Phillies' training and coaching staffs put in together. The Phillies continued to add high-caliber players after signing him, and now he's part of a talented, highly competitive team that has some of the best vibes in MLB. Wheeler earned every single dollar of that contract, and all of that work helped him sign the most lucrative deal of his career.