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How much money did Jered Weaver lose by signing an extension with the Angels?

Dec 10, 2012, 11:19 AM EDT

Jered Weaver Getty Images

Zack Greinke‘s new six-year, $147 million contract with the Dodgers got me wondering just how much money Jered Weaver gave up by signing an extension with the Angels rather than hitting the open market alongside Greinke this offseason.

Weaver agreed to a five-year, $85 million contract in August of 2011, which bought out his final season of arbitration eligibility and first four seasons of free agency.

At the time everyone–even Weaver, seemingly–agreed that he had left a considerable amount of money on the table, but his basic point was that staying with the Angels was very important to him and … well, $85 million is still a whole lot of money. Now that Greinke has signed we can get a clearer picture of just how much money Weaver left on that table.

Greinke is 29 years old with a 3.77 ERA in 1,492 career innings, including a 3.83 ERA in 604 innings during the past three seasons. Weaver is 30 years old with a 3.24 ERA in 1,320 career innings, including a 2.73 ERA in 649 innings during the past three seasons.

It seems hard to argue that Weaver isn’t as good as Greinke and there’s certainly an argument to be made that he’s better. And yet Greinke will be getting $147 million over the next six seasons while Weaver will be paid $70 million over the next four seasons. If healthy Weaver will close some of that gap with his next contract that covers Season 6 and Season 7, but it sure looks like he cost himself at least $40-$50 million by not testing free agency.

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