The contract – a 6-year contract extension worth up to $96 million. The deal includes a $15 million bonus deferred over 2002 to 2006. In addition, a large portion of each year’s salary is deferred 2 years, with interest. The base salary for each season with the deferred amounts (in parenthesis) is: 2002 – $8M ($2M), 2003 – $10M ($3M), 2004 – $13M ($6M), 2005 – $15M ($8M), 2006 – $17M ($10M). His last season under contract is 2007, which is a club option worth $18 million. If that option is not exercised, a buyout of $12 million is required.
“It comes down to being a Houston Astro,” Bagwell said. “I’ve been here 10 years, and that means something to me.”
Astros owner Drayton McLane Jr. had called signing Bagwell the team’s top priority.
“He’s certainly a kind, thoughtful human being whom I call a friend, and someone I really enjoy,” McLane said after presenting Bagwell’s wife, Ericka, a bouquet of flowers.
“Nowadays when you say Houston Astros, you think of [Craig] Biggio and Bagwell, and I’m proud of that,” Bagwell said. “I want people to continue to say that. I want to be a Houston Astro the rest of my career and retire, and with the help of the organization they made it an easy decision.”