The Philadelphia Phillies have solidified their pitching rotation for the foreseeable future by securing ace Zack Wheeler with a historic three-year contract extension. The deal, which covers the 2025-2027 seasons, will reportedly guarantee Wheeler a staggering $126 million without any options or opt-out opportunities.

This extension cements Wheeler's status as one of the highest-paid pitchers in the league. With an annual average value of $42 million, it becomes the largest contract extension in MLB history and the fourth-highest AAV (average annual value) overall, trailing only Shohei Ohtani, Max Scherzer, and Justin Verlander.

What makes this agreement significant is that the contract will begin in 2025, rather than superseding the final year of Wheeler's current five-year, $118 million contract. This strategic move helps the Phillies manage their luxury tax obligations, as Wheeler's impact on the Competitive Balance Tax (CBT) will remain at $23.6 million for the upcoming season before increasing significantly in 2025.

Furthermore, the extension ensures that Wheeler, who has already accumulated ten years of major league service time, will attain 10-and-5 rights. This grants him the power to veto any potential trade during the entirety of his new contract with the Phillies.

Wheeler's original $118 million deal has proven to be a wise investment for the Phillies. Since joining the team, the 33-year-old right-hander has consistently delivered impressive performances. He ranks among the top pitchers in the league, throwing 629 1/3 innings since 2020. His 3.06 ERA, 2.90 FIP, and 3.42 SIERA place him 11th, fourth, and 15th, respectively, among 121 qualified pitchers during that period.

Despite pitching in the homer-friendly Citizens Bank Park, Wheeler has maintained an impressive average of just 0.74 home runs allowed per nine innings, in line with his career average. His fastball velocity dipped in 2023 but remained formidable, and he set personal bests in swinging-strike and chase rates.

While detractors may point to his 3.61 ERA in 2023, Wheeler's ability to miss bats, coupled with his solid velocity and excellent control, bodes well for his long-term success. Adjustments in his pitching approach resulted in fewer ground balls but an increase in strikeouts. Additionally, Wheeler's ability to limit hard contact by opponents is reflected in his impressive exit velocity numbers.

Beyond his regular season excellence, Wheeler has also been a vital contributor to the Phillies' recent playoff runs. In his first two postseason appearances, he has amassed 63 1/3 innings of stellar 2.42 ERA pitching, displaying a 28.6% strikeout rate and a 4.2% walk rate.

The signing of Wheeler, coupled with the recent re-signing of Aaron Nola, solidifies the Philadelphia rotation for years to come. With the likes of Ranger Suarez, Cristopher Sanchez, and Taijuan Walker under control for multiple seasons, the Phillies boast a formidable pitching staff. The team has also been linked to a potential short-term deal with NL Cy Young winner Blake Snell, although this move could push them into the top tier of luxury penalization.

In terms of payroll commitments, the Wheeler extension takes the Phillies' obligations for the 2025 season beyond $200 million. With long-term contracts in place for Wheeler, Nola, Trea Turner, and Bryce Harper, the Phillies are poised to remain luxury tax payors for the foreseeable future.

With the spotlight now on the World Series ambitions, the Phillies aim to build on their strong performances in recent years and contend for the championship in 2024. The signing of Zack Wheeler ensures they have a dominant force on the mound to lead the way towards that goal.

The multi-year extension between Wheeler and the Phillies was first reported by ESPN's Buster Olney, while the contract details were disclosed by Matt Gelb of The Athletic.