Why E-Long and Not D-Price?

 

Newly-Extended Evan Longoria

News of yesterday's extension for Tampa Bay Rays third baseman Evan Longoria was released pretty quietly. Coming from an organization known for making smart baseball moves this deal was not exactly a huge surprise, although David Wright of the Mets appeared to be the premier third baseman in line for an extension. While the impending free agency of every small-market team's stars always receives attention, the Rays always seem to find a way to make it work. Longoria's extension adds six years to a deal that already takes him through 2016. He'll make an AAS (average annual salary) of about $9 million until 2016 and $16.6 million from then until 2022, with a team option for 2023. Longoria has been a superb player over his career so far, making this extension a team-friendly addition to the most team-friendly deal in baseball.
 

The one concern for the Rays is Longoria's durability. His games played have decreased for three straight seasons now, the most notable drop coming this season, when he played just 74 games for a Tampa Bay team that missed the playoffs by three. However, this guy can absolutely play. In his five-year career, he has posted WAR's above six wins three times, and above seven twice. $16.6 million a year is an absolute underpay, and you have to laud the third baseman for taking a pay cut to allow the Rays to potentially keep some of their other players. Seemingly always short on money while competing in the American League East, the toughest division in baseball, the Rays have developed an unparalleled core of pitching, featuring 2012 AL Cy Young David Price and Big Game James Shields as the top two starters. Behind them stands 2011 Rookie of the Year Jeremy Hellickson and future star Matt Moore. They don't feature a projected 2013 lineup that exactly intimidates on paper, though, and they are said to be willing to trade some of their pitching for an impact bat.

2012 AL Cy Young David Price

This offensive shortage provides the first reason why the Rays handed out this extension to Longoria. Here's a guy who wanted to remain with this team for his entire career, anchor their lineup, and do it at a reduced price to boot. But, as the Rays, why not use what limited financial flexibility they have to try to extend Price, who can bolt in free agency in 2015? The answer is pure circumstance. Right now, Price's value is at an all-time high; he just won a major award and is the clear ace of the staff. Longoria's value is at an all-time low, having played the lowest number of games in his career and posting his lowest WAR at 2.3. The Rays will probably wait at least a year to start negotiations with Price, if they do at all. They could trade him around the time he can leave, bringing back a king's ransom and adding some punch to their minor league system. Pitchers in general have also historically been negative investments for long-term deals. I am not saying by any means that letting Price go would be a good idea, but after Longoria's extension, the baseball world will wonder what the Rays are going to do with Price.