The Dodgers made official their $62.5 million contract for Cuban infielder Hector Olivera on Tuesday, and now thanks to the Associated Press we know more details of the contract.
Olivera, 30, will receive a whopping $28 million signing bonus as part of the contract, paid out in installments of $12 million within five days of approval from the commissioner's office, $7.5 million by Aug. 1, 2015 and $8.5 million by Dec. 31, 2015.
The annual payouts are as follows:
2015: $2 million
2016: $4 million
2017: $6 million
2018: $6.5 million
2019: $7.5 million
2020: $8.5 million
Olivera can become a free agent at the end of his contract. There is also a clause that deals with Olivera's right elbow, which was previously in question. Per the AP:
Los Angeles has a $1 million conditional option for 2021 that can be exercised if Olivera has Tommy John surgery on his right elbow or has right elbow surgery attributable to an ulnar collateral ligament injury that causes him to be on the disabled list for more than 100 days during any one-year span.
Counting the signing bonus for Olivera plus his salary, the Dodgers are just shy of $300 million in 2015 payroll commitments.
Olivera is one of three guaranteed salary commitments for the Dodgers totaling $64.5 million in 2019, joining Clayton Kershaw ($32 million), Adrian Gonzalez ($21.5 million), and Matt Kemp ($3.5 million to Padres).