The Mariners have signed Raul Ibanez to a two year extension worth $11 million. That keeps him with Seattle through the 2008 season.
My initial reaction was that this was a bad move, but then, I thought signing Ibanez in the first place after the 2003 season was dumb, and he's been a very nice player for the Mariners, posting a .290 EQA each of the past two seasons.
However, those are also the best two seasons of his career, and the Mariners are locking him up through age 36, when he seems to be a reasonable risk to decline.
So while I don't really think this is that good of a move for the M's, I can't really point and laugh at them the way I could with, for example, the Angels' Garret Anderson extension a few years back.