MLB Insider: Breaking down recent Philadelphia Phillies contract extension

The Philadelphia Phillies have been aggressive in doing contract extensions and may not be done. But here’s breakdown of their most recent deal.

The Philadelphia Phillies have been among baseball’s most aggressive teams signing players to contract extensions, recently locking up pitchers Seranthony Dominguez and Jose Alvarado on new deals.

Alvarado agreed to a two-year, $18.5 million contract extension that includes a $9 million club option for 2026. Here’s a full breakdown of the contract, per source:

• 2024: $9 million.
• 2025: $9 million.
• 2026: $9 million club option ($500,000 buyout).

The deal also includes $50,000 for All-Star, Gold Glove, LCS/MVP and Silver Slugger, as well as $100,000 for World Series MVP.

The Dominguez and Alvarado deals may not be the last extensions of the spring for the Phillies.

Phillies news: MLB insider updates on Aaron Nola talks after Alvarado extension

The team has engaged with star right-hander Aaron Nola on a long-term contract, according to sources familiar with the situation. A contract is not close, but there is a possibility that a deal is reached before the end of spring training.

For now, however, the Phillies have prioritized locking up their bullpen long-term. That area of the roster has been a problem area, as president of baseball operations Dave Dombrowski and the front office has prioritized shoring up the position for years. And Alvarado, 27, has been a big part in that turnaround, posting a 3.18 in 59 appearances last season, while striking out 81 batters in 51 innings.

Alvarado will be a key piece of the bullpen for years to come — and it’s entirely possible he’s not the last extension done by the Phillies this spring.