Brian Cashman, general manager of the New York Yankees, had already spent $243.5 million that winter. He wasn't done.
On December 23, 2008, the Yankees agreed to terms with Mark Teixeira on an 8-year, $180 million contract -- full no-trade clause, no opt-out, the switch-hitting first baseman the lineup had been missing since Tino Martinez walked out the door. It closed out the most expensive two-week stretch in franchise history, and it did it by beating four other teams to the punch.
Cashman's Missing Link
The Yankees had already landed CC Sabathia on December 10 and A.J. Burnett three days after that. Two frontline arms, $243.5 million committed, rotation fixed. Cashman wanted a bat to go with it.
He'd been calling Teixeira his "missing link" internally for weeks, pushing ownership to make one more run at a star. (Getting a "yes" out of a Steinbrenner front office isn't usually the hard part. Getting a third nine-figure "yes" in the same winter apparently was.) He finally got it, and on the afternoon of December 23, agent Scott Boras walked into the room with a number: eight years, $180 million, take it or leave it.
The Yankees took it.
| Contract | 8 years, $180 million |
| Average Annual Value | $22.5 million |
| Agreement Reached | December 23, 2008 |
| Formally Introduced | January 6, 2009 |
| Opt-Out | None |
| No-Trade Clause | Full |
| 2008 Combined Stats (ATL/LAA) | 33 HR, 121 RBI in 157 games |
| Teams in the Bidding | Red Sox, Angels, Nationals, Orioles |
The Field He Beat
This wasn't a case of the Yankees just writing the biggest check in the room and calling it a day. Four other teams genuinely wanted Teixeira, and three of them are still kicking themselves.
The Nationals put $160 million over eight years on the table, a stunning number for a franchise that had never spent like that before (Washington, to its credit, was trying to make a real splash in only its fourth year back in the district). The Orioles came in around $150 million over seven, fell behind early, and never really caught up. The Angels, his 2008 team after a July trade from Atlanta, decided a bidding war wasn't their style and pulled out.
Then there was Boston -- the real threat. The Red Sox offered eight years and $168 million, $21 million a year, and for a while everyone assumed Teixeira was headed to Fenway. He grew up a Yankees fan in Maryland, but that didn't make Boston's money any less green. In the end, the Yankees came in $12 million higher, and Teixeira picked the team he'd rooted for as a kid.
In the back of my mind, the Yankees were always the top.
He'd earned every dollar of the upper hand at the table. Traded from Atlanta to the Angels at the July 2008 deadline (the Braves knew they weren't keeping him past the season and cashed him in for Casey Kotchman, which aged about as well as you'd think), Teixeira hit a combined 33 home runs and drove in 121 runs across 157 games between the two stops, catching fire down the stretch in Anaheim and dragging the Angels to their first 100-win season in franchise history. Every team in on him knew exactly what they were bidding on.
Did It Work?
Immediately.
Teixeira hit .292 with 39 home runs and 122 RBI in his first Yankees season, finished second in AL MVP voting, and won a Gold Glove and Silver Slugger in the same year -- not bad for a guy who'd never played a game in pinstripes before spring training. Then October happened. He homered in the World Series, and he's the guy who fielded the flip from Robinson Cano for the final out of the 2009 World Series, the Yankees' first title since 2000 and their 27th overall, closing out that championship run the same winter's spending had bankrolled.
Add it to Sabathia and Burnett, and the full offseason tab came to roughly $423.5 million in guaranteed money -- committed during the worst financial crisis in 80 years, for a team about to open a brand-new billion-dollar stadium. Nobody in the Bronx was second-guessing it eleven months later.
Teixeira stuck around for all eight years of the deal, which is more than you can say for most $180 million bets. The back half got rough -- wrist surgery, a torn tendon sheath, a body that aged faster than the contract did -- but he never got traded, never got bought out, and never once had to explain why he took the money. He was still a Yankee, on his own terms, the day he decided to retire.
Traded to the Angels
Atlanta deals Teixeira to Los Angeles for Casey Kotchman and Stephen Marek. He hits .358 with 13 homers in 54 games down the stretch, helping the Angels to a franchise-record 100 wins.
Sabathia Signs First
The Yankees agree to a 7-year, $161 million deal with CC Sabathia, opening a two-week spending spree.
Burnett Signs
A.J. Burnett joins the rotation on a 5-year, $82.5 million contract.
Teixeira Agrees to Terms
The Yankees beat out the Red Sox ($168M offer), Nationals ($160M), and Orioles ($150M) for Teixeira, agreeing to an 8-year, $180 million deal with no opt-out and a full no-trade clause.
Formally Introduced
Teixeira is introduced at a press conference at the old Yankee Stadium after the deal clears his physical, closing out roughly $423.5 million in offseason spending.
World Series Champion
The rebuilt Yankees beat the Phillies in six games for their 27th title. Teixeira homers in the Series and records the final out of Game 6.
Frequently Asked Questions
How much did Mark Teixeira sign for with the Yankees?
Mark Teixeira signed an 8-year, $180 million contract with the Yankees, agreed to on December 23, 2008, and formally announced at a press conference on January 6, 2009. At $22.5 million a year, the deal included a full no-trade clause and no opt-out.
Which teams were bidding against the Yankees for Teixeira?
The Boston Red Sox, Washington Nationals, Baltimore Orioles, and Los Angeles Angels of Anaheim were all in the mix. Boston's offer -- 8 years, $168 million -- came closest, but the Yankees outbid them by $12 million.
Was the Teixeira signing part of the Yankees' 2008-09 spending spree?
Yes. Teixeira was the third and final piece, following CC Sabathia (7 years, $161 million, signed December 10, 2008) and A.J. Burnett (5 years, $82.5 million, signed December 13, 2008). All three deals combined for roughly $423.5 million in guaranteed money in a single offseason.
Did Mark Teixeira's contract pay off for the Yankees?
Almost immediately. Teixeira hit .292 with 39 home runs and 122 RBI in 2009, finished second in AL MVP voting, won a Gold Glove and Silver Slugger, and helped the Yankees win the World Series in his first season in pinstripes. He played all eight years of the deal, retiring a Yankee in 2016.