The breaking news today is that Theo Epstein has signed a 5 year extension to stay with the Cubs.
In 2011, Epstein signed a deal worth $18.5 million.
It is reported that he is now the highest paid baseball executive, which would mean he would surpass the $8 million per year mark set last year by the Dodgers who signed Andrew Friedman away from Tampa.
If true, the Cubs extension gives Epstein a 220% raise from his last contract.
Actual terms of the deal have not been disclosed.
From my vantage point, I thought Epstein would have gone the "free agent" route to see if he could cash in with an equity position with another club. Last week there was a rumor that Epstein would leave baseball to get a "giant" payday in another field, such as using his analytical skills in investment banking or another business venture. These rumors were fueled by the fact that it took the Cubs an extremely long time to come to a deal with the team President (who only has a few weeks left on his original deal.) Further adding to the fire was that one of Epstein's core managers, scouting director Jason McLeod, was interviewing for a GM position in Minnesota.
It will be interesting to note whether this new deal gives Epstein more power over the budget to run the baseball operations. In the past, he has been put on a tight leash by the business side of the team structure.
Fans will be relieved that the architect of the current club will be around until the budding stars hit their free agency years.
