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Wednesday, November 23, 2011
Did the Phillies really get nailed with the Papelbon signing, in light of the new CBA?
I’ve seen unconfirmed reports that the CBA is not retroactive, and therefore, Papelbon being signed pre-CBA requires compensation from the Phillies, while he wouldn’t qualify for compensation (from the Phillies anyway) post-CBA.
When the Phillies signed Papelbon, or when the Redsox signed Dice-K, these teams are paying for all costs, meaning salary and other associated costs (compensation picks, bidding rights, etc). It’s very well possible that the Phillies would have valued the loss of their draft pick (presumably 29th, which I’ll just give it a value of 5MM$ for illustration purposes) plus the 50MM$, as exactly what they wanted to pay.
Now, post-CBA, they would have offered Papelbon 55MM$ possibly. Overall, it still costs the Phillies the same. The only thing that has happened is transferred the value of that pick from the Redsox to Papelbon.
Actually, that’s not entirely true. Under the new CBA, the Redsox get to pick 29th and the Phillies get to keep picking (this time 30th). So, the Redsox get the same value. Therefore, what really happens is that the value of the change in compensation rules is transferred from all 30 MLB teams to the Phillies, and they simply would have passed on the savings to Papelbon.
Indeed, since the Phillies’s 1st round pick has close to the least amount of value among the 15 best teams (those teams would have forfeited their 1st round picks… the other teams would have forfeited their 2nd round pick), the Phillies were the team best-positioned to lose the least by signing Papelbon.
All to say: don’t worry about it. The Phillies paid what they want to pay.
UPDATE: I’m reading elsewhere that if the Redsox had offered Papelbon a guaranteed one year 13MM$ contract post-CBA, and the Phillies signed him, then it’s a forfeit of the Phillies pick, not a sandwich pick for the Redsox. Anyway, I guess I shouldn’t comment until I read the CBA myself, because relying on sources doesn’t seem to be a good idea.
Regardless though, my main point stands that the Phillies offer is based on more than just the salary paid.
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