Minnesota Twins reportedly re-sign pitcher Mike Pelfrey to 2-year contract

Just over 24 hours ago, we brought you news that the Minnesota Twins had reportedly made starting pitcher Mike Pelfrey a lucrative, 2-year offer. Now, it appears as if Pelfrey has accepted that proposal in order to remain a member of the Minnesota Twins organization.

The final deal has slightly less in guaranteed money than the previous report (down to $11 million from $12 million), but Heyman reports that Pelfrey has an additional $3.5 million in bonuses that could be attained if he pitches well enough. It would be very interesting to know how high those performance incentives are (we don’t have that information yet), but if Pelfrey pitches anywhere near his 2013 level, the Twins could be in trouble, even at $5.5 million per season.

Pelfrey had a 5.19 ERA in 2013, but on the bright side, that number was flanked by slightly better peripherals at a 3.99 FIP and 4.54 xFIP. However, Pelfrey will be 30 years when the 2014 season opens, and he has only pitched well enough to garner this type of money in exactly one season. Pelfrey’s 2010 campaign (3.66 ERA in 204 innings with the Mets) would be more than acceptable for the Twins, and perhaps they have high hopes for that type of return.

It’ll certainly be interesting to see if Pelfrey can raise up his level of play, but for now, it seems like a slight overpayment by the Twins.