Nolan Arenado faced another opt-out decision this offseason, but just like last year, the star third baseman has decided to remain in St. Louis. Katie Woo of The Athletic reports that Arenado has informed the Cardinals he won’t exercise the opt-out clause in his contract, and he’ll now remain with the Cards and earn $144MM over the final five years of the deal.
Since Arenado’s 2021 numbers were a bit below his usual standard (.255/.312/.494 in 653 PA), passing on the opt-out last year wasn’t too shocking, yet there was some expectation that Arenado might be tempted to test the market coming off a better platform year. The third baseman put himself into the MVP conversation in 2022 by hitting .293/.358/.533 with 30 home runs in 620 plate appearances, and he is again a Gold Glove finalist as he looks to win his 10th consecutive award.
Arenado turns 32 in April, potentially limiting his odds of adding much in the way of years to his current pact. However, it’s easy to see how he could have surpassed his current $28.8MM average annual value. Notably, fellow third baseman Anthony Rendon managed to secure an AAV of $35MM in his seven year/$245MM contract he signed with the Angels prior to the 2020 season, while Freddie Freeman’s six year, $162MM pact with the Dodgers last winter exceeds Arenado’s current deal in terms of both years and total value.
That said, Arenado’s $144MM is hardly a minor sum, and he has often spoke about his comfort level in St. Louis and his desire to remain a long-term piece of the Cardinals’ future. With this stability already in place, Arenado chose to pass on free agency, and he can now focus entirely on 2023 without the extra drama and uncertainty that follows even the names on the open market.
With Arenado’s decision now made, the Cards have checked another major task off their offseason to-do list, a few days after re-signing Adam Wainwright for the 2023 season. The Cardinals are expected to have significant room to make additions to their payroll this season, and not having to allocate additional resources to retaining Arenado should allow St. Louis to do more to address other areas of the roster. The starting rotation and outfield are possible target areas, as well as the obvious step of finding a catcher to replace retiring franchise stalwart Yadier Molina.
As The Athletic’s Nick Groke mentions, Arenado’s decision also keeps the Rockies committed to a significant financial obligation. As per the terms of the trade that sent Arenado from Colorado to St. Louis prior to the 2021 season, the Rockies owe the Cardinals $31.5MM to cover a portion of the third baseman’s salary — $16MM next season, and then $5MM each year from 2024 to 2026. The $16MM slated for Arenado is more than the Rockies are paying any player on their 2023 payroll, except for Kris Bryant.
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