Today the Pittsburgh Pirates picked up the option year for Pedro Alvarez. Alvarez has a unique contract which usually brings some confusion about how long the Pirates have him under control. As a refresher, I thought I'd break down his deal.

Alvarez is still under the deal he signed out of the draft (or to be more accurate, the second deal he signed out of the draft). That deal called for $700,000 options in 2013 and 2014. Either option could be voided by Alvarez if he would have been arbitration eligible. Since he won't be arbitration eligible in 2013, the Pirates were able to pick up his option. Next off-season he'll be able to void the $700,000 option.

Normally when players have option years and those options are bought out or voided, the player becomes a free agent. That's not th...

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