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Seager, 27, was going to be arbitration-eligible for the first time this offseason, and had three years of team control remaining before he would be eligible for free agency. This deal buys out three arbitration years and four free agent years. According to Jeff Passan, whose story is linked above, the deal includes a potential $20 million club option for 2022, which means this could lock Seager up through his age 34 season.
Seager was a solid player in his first two seasons with the Mariners, before having a breakout All Star campaign in 2014. He will likely be paid $16-18M per year for his free agency seasons, so even if he doesn't continue posting 5+ win seasons, he should be well worth the contract.