The Milwaukee Brewers and Wade Miley are re-uniting once again as the 37 year old has elected to re-sign with the team for the 2024 season after initially declining his half of a $10.00 MM mutual option a month earlier. At that time there was belief that he would earn a larger pay day in free agency, but his new deal with the Brewers initially reflects the opposite.
Wade Miley has re-signed with the Milwaukee Brewers on a one year deal.
This year’s free agent starting pitcher market is loaded with talent. Free agent signings prior to Winter Meetings suggested that the market for those pitchers was very inflated in which the division St. Louis Cardinals handed out three years and $75 million to Sonny Gray, $12 million to Kyle Gibson, and $11 million to Lance Lynn. For Wade Miley he valued a more stable situation as opposed to a lucrative deal.
Curt Hogg of the Milwaukee Journal Sentinel wrote, “In years past, Wade Miley has turned down more lucrative offers from other teams to pitch in better, more stable situations. Having the two best years of his career (by ERA) be in Milwaukee was no coincidence. It’s clear he prioritized fit yet again”
The new contract between Wade Miley and the Milwaukee Brewers consists of $8.5 MM guaranteed, a 2025 mutual option, incentive based pay escalators, and a 10-team limited no trade clause. He does additionally get a $1.0 MM re-assignment bonus if traded.
Wade Miley’s 2024 base salary will be $7.00 MM that includes a $1.5 MM buyout on his 2025 mutual option. Outside of that the incentives in his contract are based on innings pitched and could raise the total value of a one year deal to $11 MM (including the buy out). This means that the starting value of his 2024 contract ($8.5 MM guaranteed) is less than the $10 MM that he declined earlier this winter, but he could make up to $1 MM more.
This is a really good deal for the Milwaukee Brewers. Wade Miley has a track record of success in their organization, his new deal has incentives to throw more innings, and he likely will play the role of a mentor for some of the upcoming Brewers pitchers such as Robert Gasser, Carlos Rodriguez, and Jacob Misiorowski.
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