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December 3, 2008 at 3:42 PM

Pedroia signs six year extension

The Red Sox have signed reigning American League MVP Dustin Pedroia to a six year, $40.5-million contract extension, including a seventh-year club option worth $11 million. Pedroia, who also took home Gold Glove and Silver Slugger Awards in 2008, would have only been eligible to receive a league-minimum salary, $400,000, for the 2009 season due to his two plus years of service time, and would have been locked into arbitration for another three seasons after 2009. By signing the contract, Pedroia guarantees six years of his contract, but gives up two potential years of free agency, which would he would have been eligible for in the 2012-2013 off-season.

According to the Boston Globe, the deal includes a $1.5-million signing bonus and breaks down as follows:

Base salaries
2009 - $1.5 million
2010 - $3.5 million
2011 - $5.5 million
2012 - $8 million
2013 - $10 million
2014 - $10 million
2015 - $11 million (club option or a $500,000 buyout)