Inside the Philadelphia Phillies record-breaking contract extension with Zack Wheeler

Right-hander Zack Wheeler and the Philadelphia Phillies are in agreement on a three-year, $126 million contract extension, according to sources familiar with the deal. The $42 million annual average value is the highest for an extension in baseball history.

Wheeler will receive 10-5 rights after the 2024 season, giving him the ability to veto any trade for the remainder of his career. 

Extending Wheeler, 33, was a priority all offseason for the Phillies. The right-hander wanted to stay in Philadelphia, and the belief all winter was that a deal would get done before Opening Day. Now, with Wheeler extended and Aaron Nola signed to a seven-year, $172 million contract, the Phillies have spent $298 million to keep their top of the rotation in place.

What Phillies extension with Zack Wheeler means for future, Blake Snell interest

It was a risk when the Phillies signed Wheeler to a five-year, $118 million contract in 2019, with former Mets general manager Brodie Van Wagenen saying that he “parlayed two good half-seasons over the last five into $118 million.” But the deal turned out to be a bargain, and one of the best deals for a pitcher in recent baseball history.

In four seasons with the Phillies, Wheeler has posted a 3.06 ERA and 675 strikeouts. He has thrown a combined 629.1 innings the past four seasons, which ranks fourth among starting pitchers. Yet he has only thrown 1378.2 innings in nine major-league seasons, and does not have as much wear on the tires as most pitchers his age.

In extending Wheeler, it continues a trend of president of baseball operations Dave Dombrowski and owner John Middleton being aggressive in extending or signing star players, with Bryce Harper, Trea Turner, Nick Castellanos, Kyle Schwarber, Nola and now Wheeler being among them.

Bob Nightengale of USA Today reported that the Phillies are interested in Blake Snell on a short-term deal. But with Wheeler and Nola now extended, and Ranger Suarez, Taijuan Walker and Cristopher Sanchez rounding out the rotation, the Phillies’ starting five is in strong shape.