The Phillies have signed lefty reliever Jose Alvarado to a three year contract, per a team announcement. The deal keeps Alvarado in Philadelphia through at least the 2025 season, and includes a club option for 2026. According to Daniel Alvarez-Montes of El Extrabase, Alvarado will earn $9MM in each of the 2024 and 2025 seasons, with a $50K signing bonus. The 2026 club option is for $9MM, with a $500k buyout. Alvarado and the club already agreed to a $3.45MM salary for 2023 to avoid arbitration, effectively making this three-year, $22MM contract a two-year, $18.55MM extension. Alvarado is represented by OL Baseball Group.
Alvarado, 28 in May, is coming off a phenomenal 2022 season that saw him post a 3.18 ERA across 51 innings of work. While that figure is good for a solidly above-average ERA+ of 129, digging a little deeper reveals that Alvarado posted a dazzling 1.92 FIP last season, the fourth best in baseball, minimum 50 innings pitched. The discrepancy between Alvarado’s run prevention and his underlying metrics likely comes from an inflated .340 BABIP that stands well above his career .302 mark. The rare lefty who can touch triple digits with his fastball, Alvarado’s success came in large part from a 37.9% strikeout rate, which stood as 7th in baseball among those with at least 50 IP.
Alvarado’s success came from more than just strikeouts, however. As a sinkerballer, Alvarado also managed to keep the ball on the ground at and impressive 56.1% clip. Only Jhoan Duran of the Twins had a higher groundball rate while striking out at least 30% of batters faced, while no pitcher who struck out batters at a higher clip than Alvarado induced grounders at a rate of even 50%. That mix of strikeouts and groundballs is a strong recipe for success, and by signing Alvarado long term, the Phillies are indicating confidence in his ability to continue his success past his 30th birthday.
More to come…
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