First rounder Andrew Brackman signs

From Pete Abe:

* * * BRACKMAN SIGNS WITH YANKEES * * *

Word is that the Yankees and Scott Boras have agreed on a deal that would pay the right-hander a minimum of $4.6 million and possibly as much as $13.8 million based on when he gets to the majors and whether he gives up basketball.

More on this as it becomes official later today.

$13.8M? Mother of God.

Update: This from John Heyman:

The Yankees are close to signing Andrew Brackman, the 6-foot-10, right-handed pitcher from North Carolina State they selected with the 30th pick in the first round this year, SI.com has learned.

It is expected to be a major-league deal for four years and about $4.5 million.

Some of the money will be paid out over several years, with the present-day value believed to be worth about $3.7 million.

The contract has an unusual structure because Brackman may have to undergo Tommy John surgery on his elbow — the Yankees also will get three club options at the end of the four years. If they exercise all three, Brackman stands to make about $13 million.

The Yanks never give out ML deals to draftees, this is very, very surprising if true.

Update Part Deux: It is a 4-yr ML deal. Lots of people are asking me how the ML deal works, and truthfully, I’m not sure. Fret not, RAB fave Keith Law shed some light on the situation:

me: is it a ML deal?
Keith: yes
me: ah crap
Keith: yeah not ideal
boras doesn’t do many minor lg deals
me: ok, so how does this 4-yr ML deal work?
i know he goes right on the 40-man and all that
Keith: right
he’ll be optioned in 2008, 09, 10, and 11 if necessary
me: so can he be a FA after 2011?
Keith: no, no, he won’t have service time
he still needs six years of ML service to get to free agency
me: ah ok
Keith: this deal only covers certain years – he’s still yankee property beyond that
me: so he’ll be arbitration eligible after the 4 yrs on the deal expires
Keith: only if he has the ML service
BUT
the catch is that you can’t cut a guy’s salary over 20%
so if he makes $2MM in 2013, but isn’t arb-eligible yet for 2014, he’ll have to make $1.6MM
(or more)
me: ah ok
thanks for clearing this up, it’s always baffled me