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Tigers and Cabrera agree to historic contract extension

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Dollar signs were floating all over the Detroit Tigers locker room on Friday, as it was announced that two-time MVP Miguel Cabrera received a $292 million contract extension.

They made the official announcement on Friday afternoon with a press conference at their Florida-based Spring Training site. The eight-year extension is worth $248 million, making it the largest extension in MLB history. Cabrera still had two years and $44 million remaining on his current deal, making the total commitment from Detroit at $292 million. The total commitment is also the largest in baseball history. When asked about it, he made it clear that he didn't want to play anywhere else other than Detroit.

This is the place I want to be. I love to play in Detroit. I want to play in Detroit for a long time. I was never thinking about going to free agency and signing with another team. I was thinking I want to be here. I want to stay here. I want to be a Tiger and I'm thankful because I want to finish my career here.

With this new agreement, Cabrera could stay in Detroit for up to 12 years. He is a defending two-time American League MVP, and has won the last three battling titles and a Triple Crown. He could actually make as much as $352 million with the deal, as there are vesting options for the 11th and 12th years at $30 million each depending on achievements during those years.

Cabrera shatters the previous record commitment of $275 million, set by Alex Rodriguez and the New York Yankees. The $292 million figure was first reported by FoxSports.com.

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