Dodgers' Will Smith agrees to multi-year contract extension

Following on the heels of their billion-dollar splurge to bring in Shohei Ohtani, Yoshinobu Yamamoto and Tyler Glasnow (plus others), they made a commitment to a homegrown piece of the team's core on Wednesday, signing catcher Will Smith to a 10-year, $140 million contract extension.

"I've loved being here since I got drafted in 2016," Smith said on Wednesday. "I don't think I would be the player I am without being here. So for me to probably finish my career a Dodger means a lot.

"Looking forward, to me, there's no better organization that's more committed to winning a World Series and that's most important to me when it comes to baseball. I'm looking forward to these next 10 years."

The 10-year deal replaces a one-year, $8.55 million contract Smith signed last winter, avoiding arbitration. He would have been eligible for arbitration again next winter and could not become a free agent until after the 2025 season.

The 10-year commitment is unprecedented for the position. Buster Posey and Joe Mauer (eight years) had signed the previous longest contracts given to catchers. Both got more money than Smith - $167 million for Posey, $184 for Mauer.

"It's incredibly rare to find the package of talent, makeup, leadership quality and I think all of those things Will possesses is why we feel good about this deal and it's something we've been pursuing for awhile," Dodgers general manager Brandon Gomes said. "It's just not common (among catchers). You look across the league - elite defensive catchers that also bring an offensive side at the top of the game as well then you look at the nuances that he brings as well, leading a pitching staff is all what made us feel really good about pursuing this and luckily, ultimately finalizing it."

The longer term of the contract has benefits for the Dodgers against the Competitive Balance Tax. It includes a $30 million signing bonus paid over the next two years and reportedly $5 million deferred annually to be paid out from 2034 through 2043. The deal is front loaded with Smith making salaries of $13.5 million over the next four seasons and $9.5 million over the last six years of the contract.

Smith is the fourth Dodger signed through at least 2032, joining Mookie Betts (a 12-year contract through 2032), Shohei Ohtani (10 years through 2033) and Yoshinobu Yamamoto (12 years through 2035).

And Smith is the fifth player to defer a significant portion of his contract, joining Betts, Ohtani, Freddie Freeman and Teoscar Hernandez. Those five players have deferred a total of $910.5 million - $680 million for Ohtani, $115 million for Betts, $57 million for Freeman, $50 million for Smith and $8.5 million for Hernandez.

"There are a lot of different levers in a contract from the dollars and payment schedules and number of years and all of those things that are conversation topics within it," Dodgers president of baseball operations Andrew Friedman said. "And obviously making a bet of this nature, we felt even more comfortable being that we've seen him since he was drafted. We know the work ethic. We know the character. There's so many things that we don't have to rely about second- or third-hand information. We know Will and (his wife) Cara really well and know that no matter how things play out in the future that they are going to fit in incredibly well and be a huge part of our culture and us continuing to build on our success. All of those things are topics in a negotiation and this is just kind of where it all landed."

The Dodgers' first-round draft pick out of the University of Louisville in 2016, Smith (who will turn 29 on Thursday) quickly developed into one of the top offensive catchers in MLB. Over the past three seasons, he has hit .260 with an .820 OPS and 68 home runs. He made his first All-Star team last season despite a second-half slump that dropped his OPS under .800 (.797) for the first time.

Batting third behind Betts and Freeman for most of last season, though, Smith hit .303 with runners in scoring position. Since the start of 2019, FanGraphs estimates Smith has been worth 15.8 wins above replacement (WAR), second among catchers to J.T. Realmuto in that time.

The lengthy commitment to Smith comes at a time when three of the Dodgers' top position-player prospects are catchers. Dalton Rushing and Diego Cartaya are expected to share time at the position at Double-A this year. Thayron Liranzo had a .962 OPS at Class-A Rancho Cucamonga last year, his first full season as a professional. Liranzo and Rushing have also played a significant amount of time at first base.