SAN DIEGO — Nick Martinez and the Padres finalized a $26 million, three-year contract for the pitcher to remain with San Diego.
Martinez gets a $10 million salary next year, and the Padres have options at $16 million for 2024 and 2025 under the agreement announced Tuesday. Both options must be decided after the 2023 season.
If San Diego declines the options, Martinez would have $8 million player options for 2024 and 2025.
San Diego’s option prices could increase by up to $1 million for innings in 2023: $250,000 each for 150, 165, 180 and 195. The prices would increase by $4 million if he wins next year’s Cy Young Award, $3 million if he finishes second through fifth in the voting and $2 million if he is sixth through 10th. The prices would go up by $1 million if he is selected or elected to the All-Star roster and by $500,000 if he is a roster addition.
He has additional performance bonuses for 2023 and any player option years, but not for club option seasons. He could earn $2 million for starts: $500,000 each for 10, 15, 20 and 25; $1 million for relief appearances: $100,000 apiece for 10 and 20, and $200,000 each for 30, 40, 50 and 60; and $1.4 million for games finished: $200,000 each for 10 and each additional five through 40.
Martinez gets a hotel suite on road trips and will become a free agent again when the contact ends.
Martinez went 4-4 with a 3.47 ERA with eight saves in 10 starts and 37 relief appearances for the Padres this year. The 32-year-old right-hander spent the previous four seasons in Japan with the Hokkaido Nippon Ham Fighters and then the Fukuoka SoftBank Hawks.
He had turned down a $6.5 million player option with the Padres, triggering a $1.5 million buyout that ended his contract after one year and $7.5 million. If he had kept his contract, he would have been guaranteed $25.5 million from 2021-23.
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Nick Martinez, Padres finalize $26 million, 3-year contract