Beltre turned down more money to play for Sox

The Red Sox have always liked Adrian Beltre. For much of free agency, they just didn’t like his price.

But that changed when Beltre decided one year in Boston was worth more in the long run than three or four somewhere else. So today he officially agreed to a one-year, $9 million deal with a $5 million player option for 2011, according to a source with knowledge of the discussions. Beltre can also earn a $1 million buyout if he reaches a plate appearances total commensurate with that of a regular, and the contract contains an escalator on the option that’s only triggered if he makes a significant number of plate appearances.

Far from Beltre’s original asking price of five years and $65 million, the one-year deal looks like a bargain for the Red Sox, who are guaranteed a season of Gold Glove defense at third, while leaving fellow Gold Glover Kevin Youkilis at first.

The deal was agreed to in principle on New Year’s Eve and finalized on Sunday night. Beltre turned down more money from at least two teams – he had a four-year offer early in free agency and then a three-year deal for roughly the same annual value as the deal the Red Sox offered – but he chose Boston with an eye on having a big year for a contender and then hitting the market again next year.

The structure of the deal holds value for both sides. The player option basically amounts to an opt-out clause, which means if Beltre hits outside of Safeco Field as well as his road averages suggest, then he’ll be in line for a big payday next offseason.
For the Red Sox, meanwhile, the $7 million average annual value of the deal lowers his hit for luxury tax purposes in 2010. If the Sox are able to jettison Mike Lowell and save a portion of his $12 million salary – a deal which likely won’t happen until Lowell proves he’s healthy during spring training – Beltre may only nudge them over the $170 million luxury threshold.

The addition of Beltre pretty much wraps up the offseason for the Red Sox, who like their bullpen options among the group they signed in December (Scott Atchison, Boof Bonser, et. al.) and will probably just look to make some minor deals to shore up their bench.

As for a potential swap of Lowell for Mets second baseman Luis Castillo, it appears extremely unlikely. For one, it wouldn’t save the Red Sox any money, the main motivator in dealing Lowell, since Castillo has two years and $12 million remaining on his deal. For two, Castillo has literally never played a game anywhere other than second in his 11-year career, so he wouldn’t offer much in the way of utility help.