Just how good a deal did the Red Sox get on the Dustin Pedroia extension? They value his three arbitration years at a total of $17 million dollars. The last person to win Rookie of the Year and MVP before he became arbitration eligible received $10 million in his first trip through the process. Yes, Pedroia doesn't hit as well as Ryan Howard, but he provides good offense at an important defensive position, so the two are closer than you might think. If Pedroia showed improvement again this season, he could ask $10 million next year and get at least $8 million.

I'll assume a $2 million raise each year, which would gross Pedroia between $30 and $36 million over those three seasons. And if indeed he continues to perform well through his peak years, he stands to command a $15 million salary in free agency come 2013. So in the five seasons Pedoria would hold some leverage, he'll receive $37 million from the Red Sox, whereas I believe he would earn at least $60 million.

That $15 million is a reasonable value. When Roberto Alomar became a free agent after the 1995 season, he received a three-year deal that was a little over one-half the value of Cecil Fielder's contract, the highest paid player at the time. Provided no one cracks the $30 million a year mark in the next four seasons, that would put Dustin on a par with Roberto.

I would not have agreed to the $11 million option year, however. Every year Pedroia waits to enter free agency after age 30 is a year in which he has a chance to decline. He's already traded $20 million dollars for a lifetime of security. If he's good after 2014, he'd make a lot of money with or without the option. If he's down, he won't make much anyway. The better bet there was on the high end.