Sources - Padres, Manny Machado finalizing $350M extension

Star third baseman Manny Machado and the San Diego Padres are finalizing an 11-year, $350 million contract extension, sources familiar with the deal told ESPN.

Machado said earlier this week he intended to opt out of the final five years (and $150 million) of his current contract with the Padres following the season after preliminary negotiations on an extension broke down. While Machado had set a Feb. 16 deadline to reach a new deal, conversations continued between Machado's agent, Dan Lozano of MVP Sports, and Padres general manager A.J. Preller. The deal is expected to be official soon.

The franchise cornerstone of an ascendant franchise, the 30-year-old Machado is coming off arguably the best season of his career, hitting .298/.366/.531 with 32 home runs and 102 RBIs. He finished second in National League MVP voting and led the Padres to the National League Championship Series, where they were ousted by the Philadelphia Phillies.

Machado's arrival in San Diego in 2019 on a 10-year, $300 million deal signaled a new era for the Padres, who have yet to win a World Series in their 54-year history. Shortstop Fernando Tatis Jr. joined the Padres as a rookie during Machado's first season in San Diego, and while the team struggled to a 70-92 finish, it thrived in the COVID-shortened 2020 season, got a significant boost with the acquisition of star outfielder Juan Soto last year and continued to spend this winter with the signing of shortstop Xander Bogaerts to an 11-year, $280 million contract.

San Diego currently carries the third-highest competitive-balance-tax payroll in Major League Baseball at more than $266 million, according to Baseball Prospectus. With more than $600 million owed to Tatis and Bogaerts, nine-figure