Mariners' $105 million Cal Raleigh contract is a steal for MLB's best catcher

Opening Day isn't until Thursday, but Seattle Mariners fans already have a reason to celebrate 2025 as a big win as a franchise: It will forever be the year that Cal Raleigh got what he deserved.

As first reported by ESPN's Jeff Passan on Tuesday, the Mariners are finalizing a contract extension for the 28-year-old catcher. It'll be for six years, $105 million and it buys out three of his free-agent years through 2030.

Per Ryan Divish of the Seattle Times, there's also a vesting option for 2023 that could push the deal's value to $123 million. Also per Passan, Raleigh will earn $1 million this year next to a $10 million signing bonus. His salary will eventually escalate to $23 million annually between 2028 and 2030.

The deal ensures the Mariners will have two core stars to build around for the foreseeable future. It'll be Raleigh and center fielder Julio Rodríguez, who inked a massive 12-year contract as he was en route to winning the AL Rookie of the Year in 2022.

For the meantime, this deal redeems what had been a frustrating offseason for the Mariners. It may have taken them too long to do a big deal, but finally playing that card on "Big Dumper" is a Kazuhiro Sasaki-tier save.

The best catcher in baseball gets paid like it

It's not often that a catcher gets a nine-figure deal. Raleigh's is only the fifth such contract in MLB history, linking him with Buster Posey, Joe Mauer, J.T. Realmuto and Will Smith.

One would say it's a lot of money for a guy who's never been an All-Star, but that would be nonsense despite technically being factually accurate. Raleigh has been an All-Star-caliber player for the last three seasons, in which he's hit 91 home runs (first among catchers) and amassed 12.0 WAR (fourth among catchers. In 2024, he was both a Gold Glove and Platinum Glove winner.

For what it's worth, everyone else is starting to catch up to what Mariners fans already knew about Raleigh. Recognition of his talents is seemingly everywhere all of a sudden, and not in an off-handed kind of way. He is rightfully being called one of MLB's best players in at least one space.

Even as is, Raleigh's general profile —i.e., powerful switch-hitter with elite defensive skills — is an easy sell in terms of star power. We nonetheless think his best days are still ahead of him, as the proficiency he showed in challenging calls this spring figures to be a huge asset when MLB officially adopts the ABS challenge system.

What's next for the Mariners?

If we're allowed to pat ourselves on the back, we totally called Raleigh signing an extension back in November. Yet the actual deal came together quite suddenly, as Divish reports that the two sides weren't talking as recently as March 17.

It makes one wonder if any other extensions could be in the works. And in theory, at least, second in line after Raleigh should be his friend and battery mate, Logan Gilbert.

The ace right-hander has been open about wanting to stay in Seattle, and recent projections for what he could command in a new deal are more than reasonable for a 27-year-old who's fresh off leading MLB with 208.2 innings and a 0.887 WHIP in 2024. And since he's ticketed for free agency after 2027, the clock is ticking.

The caveat here is that extending Gilbert would require Mariners owner John Stanton to spend even more money. He has a less-than-inspiring track record in this regard, as even a $24 million payroll increase relative to 2024 still only has the Mariners in the middle of the pack of MLB.

At least now, though, there's ample hope where there had previously been less hope. It's a good day for the Mariners. It's a good day for Mariners fans. And it's certainly a good day for Cal Raleigh above all.