Pirates sign Nate McLouth to an extension

According to Dejan Kovacevic of the Pittsburgh Post-Gazette, the Pirates have reached an agreement with Nate McLouth on a three year extension with a club option for a fourth year.

The deal breaks down as follows:

2009: $2 M salary, $1.5 M signing bonus
2010: $4.5 M
2011: $6.5 M
2012: $10.65 M option with a $1.25 M buyout

McLouth also has performance bonuses that can add an aditional $500,000 in 2010 and 2011, and up to $750,000 in 2012. The performance bonuses are based on awards.

I have updated the 2009 40-man Roster and Payroll chart, as well as the Payroll Commitments Chart.

A few things I noticed with the extension:

-The projected payroll for the 40-man roster in 2009 is just under $52 M. The Pirates have guaranteed $44.05 M of that money.
-The Pirates have options on McLouth, Paul Maholm, Ian Snell, and Ryan Doumit in 2012. The options right now total $36.90 M, with $2.5 M combined in buyouts. Unless someone from that group is traded or bought out, the Pirates could be looking at a large payroll that year. Of course, that’s also when we can expect to see Pedro Alvarez, Andrew McCutchen, and Jose Tabata playing in Pittsburgh, and for the league minimum.
-The Pirates had seven players who were arbitration eligible going in to this off-season. Three were extended, with options for free agent years (McLouth, Maholm, Doumit), and the other four were signed (Adam LaRoche, John Grabow, Zach Duke, Tyler Yates). The Pirates paid about $15.5 M in raises to this group, comparing the 2008 and 2009 salaries.
-When adding in raises to Matt Capps, Ian Snell, Jack Wilson, and Freddy Sanchez, the Pirates have spent just over $20 M in player raises this off-season, comparing the 2008 and 2009 salaries.
-Matt Capps, Zach Duke, and Tyler Yates are the only arbitration eligible Pirates who are not in their final year of arbitration, and who have not been extended through their arbitration years.