Breaking down Glen Perkins' contract extension with the Twins

Glen Perkins has signed a 3 year contract extension with the Twins, which will keep him with the team until 2015. The Twins have an option for 2016. The extension is for the 2013, 2014 and 2015 seasons, so the 1 year, $1.55 million contract that Perkins has signed for 2012 still stands. The total value of the contract is for $10.3 million dollars, including the buy out of the 2016 option. There are additional incentives for games finished, which will pay Perkins more, if he assumes the closer role from 2013 on.

Glen has proven to be one of the most reliable relievers in the majors in 2011 and the Twins are getting a great bargain for 4 years of his service covering his age 29-32 seasons (2012-15) for a total of $11.85 million plus incentives.

His annual salaries are:

2012: $1.55 million
2013: $2.5 million
2014: $3.75 million
2015: $3.75 million
2016 (option) : $4.5 million with $300K buyout

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