It’s Official: Santana and Mets Have a Deal

It took every bit of their allotted 72 hours, an additional 90 minutes and $137.5 million, but the Mets finally secured the best pitcher in baseball. They reached an agreement with Johan Santana, the dominant left-hander acquired Tuesday from the Minnesota Twins, shortly before 6:30 p.m. Friday, signing him to a contract that would make him the highest-paid pitcher in baseball history.

All that stands between Santana and an introductory news conference next week is the completion of his physical exam, which is scheduled for Saturday.

The Mets and Santana agreed to a six-year, $137.5 million contract through 2013, with an option for the 2014 season, according to a club official who was granted anonymity because he was not authorized to speak publicly about a trade that had not been officially completed.

Santana will be 34 at the end of the guaranteed portion of the contract, which with the low interest rate on deferred money would be worth about $20 million a year in present-day dollars.

Santana had one year and $13.25 million remaining on his contract, but instead of negotiating an extension, the sides worked out a new deal.

After acquiring Santana on Tuesday from the Minnesota Twins for four prospects, the Mets were given 72 hours to negotiate. With the deadline looming, they asked the Twins for permission for additional time, which was approved by the commissioner’s office, and they were granted a two-hour window. They needed about another 90 minutes to complete the negotiations.

The Mets and Santana’s representatives, Peter and Ed Greenberg, were haggling over the length of the contract. The cause of the stalemate, as expected, was the Mets’ reluctance to give Santana six guaranteed years. They preferred a five-year deal with vesting options that could be reached relatively easily.

But in the end, with the leverage in Santana’s favor, the Mets relented and awarded Santana a contract that eclipsed the $126 million deal the left-hander Barry Zito signed with the San Francisco Giants before last season.

The Mets’ investment in Santana should push their 2008 payroll into uncharted territory. With three arbitration cases still awaiting resolution, the Mets are projected to have a payroll of more than $140 million, the largest in team history, dwarfing the $120 million they spent in 2007. The new figure should rank them behind only the Yankees and the Boston Red Sox.

Still, the expenditure comes at a time when the Mets can certainly afford it. They are a year away from opening a new stadium, Citi Field, and their fledgling third-year television network, SportsNet New York, will undoubtedly experience a ratings jump with a competitive team and a rotation headlined by Santana.

With a few other moves possible, namely adding a right-handed hitting veteran outfielder or another starting pitcher like Kyle Lohse, it is conceivable that the Mets’ payroll could sneak past $150 million. It is unlikely that they will exceed the $155 million luxury-tax threshold and be forced to pay a tax for the first time.

For Santana, the contract underscores his status as the best pitcher in baseball, one who is compensated accordingly. For the Mets, the pending acquisition deflects attention from their late-season collapse and directs it squarely toward the arrival of their first heralded addition of the off-season.

But for Omar Minaya, this is the fifth major acquisition of his three and a half years as general manager, and the third time he has gambled a significant sum on a pitcher.

His first four trades had mixed results. But Pedro Martínez left the Red Sox after their 2004 World Series championship season because the Mets offered what Boston did not, a guaranteed fourth year. Martínez’s presence gave the Mets instant credibility and aided in the recruitment of other free agents, but he has been beset by injuries for most of the last two seasons and his health still presents a concern heading into the final year of his contract.

Carlos Beltrán has overcome a disastrous beginning to his Mets career, compiling two consecutive solid seasons, but occasionally he remains the target of frustrated fans. His good friend Carlos Delgado followed a strong 2006 with a disappointing 2007, when Delgado’s age (35) appeared to catch up to him. Closer Billy Wagner, by and large, has pitched effectively, but he has had his share of rough outings.

Of the four, only Beltrán was younger than 30 and still in his prime when he joined the Mets. But now the team has added Santana, who turns 29 on March 13, and whom they expect to help alleviate the pressure on the pitching staff — from Martínez and the two young starters, John Maine and Oliver Pérez, to an overused bullpen that combusted during the final month of last season.

Since 2004, when he won the first of his two Cy Young awards, Santana ranks first among qualifying pitchers in victories (70), opponent batting average (.211) and strikeouts (983), and second in earned run average (2.89), innings pitched (912 1/3) and strikeouts per nine innings (9.70).

By switching leagues, Santana can take advantage of the fact that his best pitch, a changeup, is built on deception. He will also be facing players who are largely unfamiliar with his pitches.

Santana has a 16-4 career record in 35 appearances — 24 starts — against National League teams, holding hitters to a .187 average while posting a 2.27 E.R.A. that is the best among pitchers who have pitched at least 150 interleague innings, according to Stats LLC. He figures to provide particular value against the rival Philadelphia Phillies, who employ two of the best left-handed hitters in baseball, Chase Utley and Ryan Howard.

The Mets have 18 chances against the Phillies to avenge losing their division crown, and the addition of Santana figures to heighten the rivalry. After all, with a record deal completed, Santana will be around for seven more seasons trying to fulfill the expectations and lead the Mets to the World Series.

INSIDE PITCH

The Mets avoided arbitration with their left-handed specialist, Pedro Feliciano, on Friday by signing him to a one-year, $1.025 million contract.