The Orioles finalized their seven-year, $161 million deal with first baseman Chris Davis on Thursday afternoon and will hold a news conference to formally announce the signing at Camden Yards at 7 p.m.
The team’s deal with Davis, which will be the largest in franchise history, became official a week after the sides formally agreed on a deal Friday morning. The contract was pending a physical.
Davis will be paid an average annual value of $23 million per year, but the deal includes $42 million of deferred money, which will be paid out over 15 years after the contract ends -- from 2023 to 2037.
The deal is by far the largest the Orioles have given a player, shattering Adam Jones’ six-year, $85.5 million extension signed in 2012 and Miguel Tejada's six-year, $72 million free-agent deal in 2003.
The Orioles have been hoping to finalize their deal with Davis -- and introduce him to the media -- before this weekend’s anticipated snowstorm in Baltimore.
With Davis in the fold, the Orioles have committed $214.8 million to free agents this offseason, also retaining reliever Darren O’Day on a four-year, $31 million deal and catcher Matt Wieters on a one-year, $15.8 million qualifying offer. The Orioles also signed South Korean outfielder Hyun-soo Kim to a two-year, $7 million deal.
That number doesn’t include the added salary taken on in the trade for infielder/outfielder Mark Trumbo, who will make $9.15 million in his final season before free agency, and doesn’t factor in about $15.5 million in raises to existing arbitration-eligible players.
Stay tuned to baltimoresun.com for more on Davis from tonight’s news conference.