The Angels will discuss a potential contract extension with closer Huston Street when Spring Training rolls around, according to Alden Gonzalez, much like they did with Mike Trout last season and with Erick Aybar two seasons before that. We’ll have plenty of time to discuss whether the Angels should extend Street or not, so for now let’s focus on what an extension might mean for the club financially.
The first thing for us to do is look at all the other multi-year contract extensions handed out recently to relievers over 30. Using the Extension Tracker over at MLBTR, as well as my memory for the few the tracker missed, I found 23 extensions since 2008 that fit our parameters. I highly doubt the list is exhaustive, but it is at least a representative sample: the contracts vary from the 2/$5.45 million pact between Jared Burton and the Twins in 2013, to the 4/$47 million deal between Joe Nathan and the Twins in 2008.
The average annual value (AAV) for all the extensions is $5.38 million, though that number is skewed some by service-time considerations. Just over half of the deals on the list were given to players still under team control for one or two more seasons, meaning arbitration is dragging down our mean a bit. If we measure only the 11 relievers extended after they became eligible for free agency, our AAV gets bumped up to $7 million. Conveniently, that is the exact salary Street received in his multi-year extension with the Padres. Not so conveniently, Street will probably ask for a raise from the Angels.