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Felix Hernandez, Mariners on verge of a $175 million contract extension

Cleveland Indians v Seattle Mariners

SEATTLE, WA - AUGUST 21: Starting pitcher Felix Hernandez #34 of the Seattle Mariners pitches against the Cleveland Indians at Safeco Field on August 21, 2012 in Seattle, Washington. (Photo by Otto Greule Jr/Getty Images)

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Bob Nightengale of USA Today reports that Felix Hernandez and the Mariners have agreed to a seven-year, $175 million contract extension. The contract will make him the highest paid pitcher in baseball history, both in overall contract and in average annual value.

The Mariners will tear up his current deal, which was to pay him $19.5 million this year, and replace it with the new one. It will pay him, on average, $25 million a year through 2019. It’s not known yet if the contract amount increases over time or if it’s a flat $25 million a year.

Hernandez is 98-76 with a 3.22 ERA and 1,487 strikeouts and 480 walks in 1620.1 innings across eight seasons. But of course, he still doesn’t turn 27 until April. This deal, therefore, only take him into his age 34 season. If he holds up physically, he may get another sizable deal before he’s through.