UPDATE: According to MetsBlog, ESPN 1050’s Andrew Marchand is reporting that Santana “will likely make some small concessions in his contract negotiations because he wants to be a Met.”

originally posted on February 1st, 2008 12:00 PM

It’s been reported in various news outlets by now, so let’s review the latest developments in the Mets negotiations with Johan Santana.

Santana is under contract for the 2008 season earning $13.25 million. The Mets would like to extend that deal for an additional five seasons at roughly $22.5 per, bringing the total guaranteed money of the contract up to $125.75 million over six years. The Mets are also willing to include a vesting option (believed to be tied to innings pitched) that would add a sixth year to the extension and pay the ace roughly $148 million over seven years. It’s also possible that the Mets would consider a signing bonus that would compensate Santana for his “paltry” salary in ‘08, and potentially bring the money nearer to $160 million.

That last figure sounds about right to Santana and his agents, however the sticking point is that they’d like to see the entire deal guaranteed, whereas the Mets are insisting upon a vesting option. According to FoxSports‘ Ken Rosenthal, it’s possible that the team could agree to decrease the innings threshold on the option so that’s it’s more easily attainable for Santana.

However, I really don’t see what bargaining leverage the Mets have here. If Santana says he wants $160 million, they have no choice but to pay the man. If they’d like to save some face, the could make the option embarrassingly attainable so that it’s practically guaranteed, but for goodness sake, get it done!