Did the Cardinals overpay to sign Dexter Fowler?
St. Louis signed the Cubs World Series centerfielder for $82.5 million/5 year contract.
Fowler, 30, was a valuable lead off hitter for the Cubs. And once the team figured out that he was playing too shallow in center, Fowler's defensive metrics improved dramatically. He went from a 2.2 WAR to a 4.2 WAR in 2016.
But one could temper his improvement as being Wrigley Field bias. Fowler's career WAR is only 18.1 over 9 seasons. 35.6 percent of his career WAR is attributed to just the past two seasons.
Many fans do not care what teams spend on players because it is not their money. But that is a narrow view. Teams have tighter baseball budgets. League revenue may be great but it is suspect with the sudden decline in cable television ratings and advertising shifting to other platforms. If your team overpays for a player, it cuts down the available budget to sign other key players to make a contending team. Also, it forces the team to find more revenue, usually from the fans. Example, the Cubs raising ticket prices for 2017 by an average of 19.1 percent.
So how did the Cardinals value Fowler?
First, as a subtraction from the divisional winner, Cubs. Just as the Cubs took away Jason Heyward and John Lackey from the Cardinal roster, the Cards pull a piece from the Cubs roster to make it weaker (on paper).
Second, the Cardinals need a steady, experienced lead off hitter. Traditional lead off hitters (high OBP, speed) are harder to find. Fowler is not quite traditional, but makes up for it with more power than an normal lead off hitter.
Third, $82.5 million deal equals approximately 14.0 WAR. Over the life of the contract, Fowler would have to average 2.8 WAR per season to hit the $82.5 million value. In his eight full seasons, he has only hit that mark twice in his career or 25% of the time. If you take his last 8 seasons of WAR (18.4) you have 2.3 WAR/season. The premium appears to be 0.5 WAR/season or about $14.75 million or almost an entire season of potential dead money.
In baseball free agent contracts, some players are willing to discount an annual salary to get more guaranteed years. This is especially true in late career two-three year deals. But in Fowler's case, this is his last peak contract. He did not discount his current performance for a future guarantee. With Adam Eaton traded to the Nationals, there were few proven center fielders left on the market. Fowler leveraged the shortage to his advantage.
Fourth, Fowler does bring a level of intangibles to a team. He was well liked in the Cub locker room. He has a friendly smile and is a fan favorite. In St. Louis, some media writers opine that his presence will help solidify the community. But just by signing Fowler is not going to turn that 17.5 game deficit from the Cubs 2016 mark to zero. But Fowler is an upgrade in CF from their existing player roster so one cannot clearly say that the Cardinals overpaid for Fowler.
