Why the Jesus Luzardo Contract Extension Looks Like a Steal for Phillies

The Phillies took care of a major piece of business Monday that might have otherwise lingered over the entire season, agreeing to a five-year, $135 million contract extension with Jesus Luzardo, according to Jim Salisbury.

The initial reaction here is that it's a great price for both sides but particularly the Phillies. It's essentially the same contract the Red Sox signed former Phillie Ranger Suarez (five years, $130M) to in January. Suarez accomplished a ton here, but Luzardo, 28, could have pitched himself into a different tier this season if he played out his contract and reached free agency. He is two years younger than Suarez was at the time of signing, with the second-best velocity (96.5 mph last season) of any lefty starter in the majors, behind only Tarik Skubal.

Luzardo represents both current production and future upside, which makes this look like a win for both parties.

Comparable recent examples

Dylan Cease signed a seven-year, $210 million contract with the Blue Jays early in the offseason. Deferrals brought the present-day value down to $184.6M, but even accounting for that, Cease got two more years than Luzardo at basically the same annual average value.

Luzardo's new AAV will be an even $27 million, tying Freddie Freeman and fellow left-handed starter Carlos Rodon for 31st in the game. It's also the 25th-richest per-year contract in MLB history for a starting pitcher.

Cease and Rodon are both similar to Luzardo in skill and accomplishment. Cease got seven years, Rodon six, Luzardo five. And Luzardo is two years younger than the other two were when they signed.

17 retired batters in a row for Jesus Luzardo! pic.twitter.com/IZS1VYeVrV
— Talkin' Baseball (@TalkinBaseball_) October 6, 2025

Payroll fit

The extension begins in 2027 and runs through the end of 2031. Luzardo will make $11 million this season, which would have been his last under contract with the Phillies.

The Phils have a considerable amount of money coming off the books after 2026 — $47.4 million in the form of Nick Castellanos, Taijuan Walker and Alec Bohm, if they let Bohm walk. Luzardo's $16 million raise offsets only about one-third of that, leaving the Phillies ample room to improve elsewhere next offseason.

A bird in the hand ...

For Luzardo, the security makes sense. While he has the velocity, repertoire and left-handedness every front office covets, last season was only the second time he made a full 32 starts. He set a career high with 183⅔ innings, maintaining his velocity all the way through.

But Luzardo's career hasn't been a straight line. He was highly touted coming up, had Tommy John surgery as an 18-year-old in 2016, missed time in 2019 with a shoulder injury, struggled mightily in 2021, and made only 12 starts in 2024 because of elbow and back issues. He knows how fragile this game can be for a starting pitcher.

There is also the looming threat of a lockout after the Collective Bargaining Agreement expires on Dec. 1, so there's an added layer of logic to players taking the payday now.

Building on a career year

Luzardo and the Phillies both get to experience the 2026 season without the distraction of his contract. Luzardo would have been asked about it in some form after every good or bad start. Manager Rob Thomson would have been asked constantly how he thought the uncertainty was affecting his left-hander. The Phillies just watched this situation play out over the last two years with Suarez, but the difference this time was that there was no Luzardo behind Luzardo.

The forward-thinking trade to acquire the lefty from the Marlins was one of the best moves the Phillies' Dave Dombrowski-led front office has made, buying low in December 2024 after an unhealthy season for Luzardo by sending 18-year-old, Single A shortstop Starlyn Caba to Miami.

Luzardo improved last year's rotation instantly, striking out a career-high 216, limiting walks more consistently than ever before and rarely encountering a problem with the longball. He had two dreadful starts in a row just after Memorial Day, allowing 20 earned runs and 26 baserunners in 5⅔ innings. You can't erase those disasters, but Luzardo bounced back well from them. His ERA in his other 30 starts was 3.03.

The majority of the Phillies' rotation is intact for years to come. Zack Wheeler's contract expires in 2027 and he has often mentioned wanting to retire when it's up, but Aaron Nola is under contract through 2030, and so is Cristopher Sanchez if the Phillies exercise both club options. Luzardo will be around until 2031, and Andrew Painter's major-league clock hasn't even begun.