10 years/$252M (2001-10)
- $242M in annual salaries
- $10M signing bonus (paid $2M/year, 2001-05)
01-04:$21M/year, 05-06:$25M/year, 07-10:$27M/year
In December 2001 (a year after the contract was signed), Rodriguez agreed to defer $45M in annual salary to 2011-2020 at 3% interest (01:$3M, 02:$4M, 03:$5M, 04:$5M, 05:$5M, 06:$4M, 07:$4M, 08:$5M, 09:$5M, 10:$5M).
In February 2004, (three years after the contract was signed), Rodriguez waived his no-trade clause, allowing Texas to trade him to the Yankees. At the time, he had 7 years/$183M remaining on his contract.
Texas agreed to pay:
- the remaining $4M in signing bonus due, 2004-05 *
- $67M of the remaining $179M in salary, due 2004-10*
New York agreed to pay:
- $112 of the remaining $179M in salary, due 2004-10
- The Yankees get a $25M/year player for $16M/year.
* Deferred Money
Texas assumes responsibility for the following deferred amounts:
- the $12M in deferred salary earned from 2001 to 2003
- $24M of the deferred salary to be earned from 2004 to 2010 (converted to an assignment bonus), and the $4M in signing bonus which was to be paid from 2004 to 2005 but now will be deferred to 2016-2025 at 2% interest
All told, Texas is responsible for a total of $40M deferred at 2% interest.
In exchange for agreeing to the interest-rate reduction, Rodriguez received a hotel suite during road trips & right to link his web site to the Yankees’ site.