The trade of RA Dickey from the Mets to the Blue Jays is complete after Dickey agreed to a three-year, $29 million extension with Toronto. The Blue Jays received a 72 hour exclusivity window to negotiate an extension with Dickey on Saturday, and the two quickly came to terms for the same extension that Dickey had wanted from the Mets. Dickey's new contract won't take effect until the 2014 season, with him earning $5 million in 2013 after the Mets exercised an option on his contract. Dickey's contract also contains a club option for a fourth year (in 2016) for $12 million, when the knuckleballer will be 41.
The "minor prospects" in the trade were also finalized, with catcher Mike Nickeas joining Dickey and Josh Thole in leaving New York, and 18-year old Wuilmer Becerra heading to the Mets along with Travis d'Arnaud, Noah Syndergaard, and John Buck. Earlier this afternoon, I posted my thoughts on how the deal works out well for both clubs. Obviously, the analysis still holds up after the extension, but it makes the deal even better for Toronto, knowing that Dickey will be more than just a one year rental. The Blue Jays could essentially be paying Dickey $41 milion over the next four years, which is really only expecting two wins per season out of him over the lifetime of the contract. That's a pretty great deal, especially if you value Dickey by modifying WAR because he's a knuckleballer (which Dave Cameron explained at Fangraphs a hell of a lot better than I ever could imagine doing).
Perhaps the craziest part about all of this Blue Jays activity this winter is despite adding players the caliiber of Jose Reyes, Melky Cabrera, Mark Buehrle, Josh Johnson, and RA Dickey, their payroll is still substantially less than that of both the Yankees and the Red Sox in the AL East. Toronto is in the same boat as both of those clubs when in comes to long-term commitments though, with only Jose Reyes under guaranteed contract past 2015. Boston has no one guaranteed past 2015, and New York has Alex Rodriguez, Mark Teixeira, and CC Sabathia signed for 2016, with just Rodriguez guaranteed in 2017. But the talent levels with both of those teams are on the downswing, and Toronto is on the upswing. Like I said earlier today: the Blue Jays' window for winning a championship is right now, and they're going for everything in this three year period.