Gregory Polanco, Pirates Agree on New Contract: Latest Details, Reaction | News, Scores, Highlights, Stats, and Rumors

As first reported by Jeff Passan of Yahoo Sports on April 3, the two sides have “agreed on a five-year contract extension with two club options that locks in the prime years of the young outfielder.” Ken Rosenthal of Fox Sports noted that Polanco's deal with the Pirates is for $35 million and that the total value could exceed $60 million if both options are exercised.

The Pirates confirmed the deal on Tuesday, with Polanco releasing a statement on Twitter:

Gregory Polanco ☕️ @El_Coffee

🙏🏼

According to Passan, Polanco rejected a seven-year, $25 million offer from Pittsburgh with three club options prior to his major league debut in June 2014. The new contract, which starts in the 2017 season, is "similar to the six-year, $31 million deal [Sterling] Marte signed coming off a strong 2013," Passan noted.

Passan compared the Pirates' decision to those they made with contracts for Marte and Andrew McCutchen, writing, “They’re placing a strong financial bet that Polanco can produce similarly well.”

If the second half of Polanco's 2015 campaign is any indication, this is a worthwhile wager for the Pirates. Polanco struggled before the All-Star Game but was a major reason the Bucs reached the postseason with a 98-64 record in the daunting National League Central.

Here is a look at his first- and second-half splits in 2015, courtesy of ESPN.com:

Derek Wetmore of 1500 ESPN Twin Cities shared insight into Pittsburgh’s mindset with this deal:

Derek Wetmore @DerekWetmore

An N.L. scout told me during spring training that this is the year the Pirates expect Gregory Polanco to break out. Their bet is placed.

Passan did caution that it remains a question whether Polanco can translate his large frame (6’5” and 230 lbs) into additional power at the plate, considering he only hit nine home runs in 153 games last year and seven homers in 89 games in 2014. While that power surge may eventually come, Polanco’s speed makes him a dangerous threat on the basepaths and in the outfield.

According to FanGraphs, Polanco was responsible for 12 defensive runs saved above average in the outfield last season. It is a testament to his overall skill set that he doesn’t need to rely solely on hitting long balls to make a significant impact for the Pirates.

Polanco is only 24 years old and is a productive contributor alongside McCutchen in the outfield. The Pirates have their work cut out for them competing with the Chicago Cubs and St. Louis Cardinals in the National League Central, but this extension ensures they'll have an important piece to assist them in that battle for the foreseeable future.