Whichever side holds the option must decide whether to exercise it by Nov. 15, 2013, according to contract terms obtained by The Associated Press. If the option is Santana's and he declines it, he would not receive the buyout.
Peter Greenberg, Santana's agent, said Wednesday he anticipates the two-time Cy Young winner will be with the Mets for all seven seasons potentially covered by the agreement, which would be worth $157 million over that span.
The deal, the most lucrative in history for a pitcher, calls for Santana to make $19 million in 2008, $20 million in '09, $21 million in 2010, $22.5 million in 2011, $24 million in 2012 and $25.5 million in 2013.
Of each year's salary, $5 million will be deferred at 1.25 percent compounded interest, payable on June 30 seven years after the season it was earned.
Santana's deal contains bonus provisions for All-Star selection ($100,000), league championship series MVP ($100,000), World Series MVP ($250,000), postseason MVP ($100,000), postseason All-Star ($100,000), Cy Young Award ($500,00 to $1.5 million, depending on how many), MVP ($250,000), Gold Glove ($100,000) and Silver Slugger ($100,000).
Santana also gets a full no-trade provision, a hotel suite for road trips and a 15-person luxury suite for home games at Shea Stadium this year. He will donate $250,000 annually to the Mets Foundation.
Copyright 2008 Associated Press. This story was not subject to the approval of Major League Baseball or its clubs.