This article first appeared in the St. Louis Beacon, July 16, 2011 - He's baaaaaaack. But for how long?
Even with a mediocre start by his standards, Albert Pujols is still the most feared hitter in baseball -- and he's still probably worth $300 million under a multi-year deal. Though he has expressed a desire to stay in St. Louis, the fact is that Pujols may have fewer than 80 games left with the Cardinals.
The question isn't whether or not Pujols is worth $30 million a year on the open market. Since the Yankees are paying Alex Rodriquez $32 million, that's a given. The question is: Can the Cardinals afford to turn over a third of the entire payroll to a single player?
Answer: Probably not.
There is a significant difference between what one of the richest teams in baseball may be willing to pay for Pujols in an all-out bidding war and what he is worth to a franchise with more limited resources. Bear in mind that the Yankees, with their rich television contracts, have a payroll that is about twice the size of the Cardinals'. If the Cardinals were to pay Albert $30 million a year for a long-term contract, it would put the team at a competitive disadvantage - lacking the cash to secure other needed talent, such as a new bullpen.
However, another option should be explored: giving Albert a part ownership in the team.
Let's suppose that the Cardinals owners were to offer Pujols 20 percent of the franchise along with a $200 million/10 year contract. According to Forbes magazine, the Cardinals are estimated to be worth $488 million -- up from the $150 million that Bill DeWitt and a group of investors bought the team for in 1995. Giving Albert 20 percent of the team would give him a non-cash asset worth another $100 million, matching his stated desire for a $300 million/10 year contract.
Of course, the Cardinals might want to shorten the length of the contract and offer less money. But the point is that offering Pujols an equity position in the club would give the team a tool that would allow it to compete for his services on the open market.
In returning to his old form, Pujols will be an invaluable asset to the team. His contributions have led the team to two pennants and numerous division titles. According to Baseball Reference, a site that tracks player statistics, Pujols has earned the Cardinals about 8.37 extra wins each year (WAR). Losing him would likely cost the Cardinals postseason appearances, TV revenue, ticket revenue and the national attention that he brings to St. Louis.
Off the field, Pujols has been influential in the community. He has led drives to bring an MLS team to St. Louis and, more important, has started his own nonprofit. The Pujols Family Foundation has provided important resources for those with down syndrome and other disabilities. His organization also works internationally, focusing on alleviating poverty in the Dominican Republican.
When it comes to discussions about his contract, many people fail to recognize the importance of tying Pujols to St. Louis for life. Sure, Stan Musial is best known for his performance on the field. But to me, he isn't just a great baseball player or a hall-of-famer; he's a lifelong Cardinal. He hasn't played since 1963 and yet is one of the most iconic figures in St. Louis history. I don't think you can measure how much Musial has done for this city. Locking up Albert Pujols for the rest of his career could very well lock in a St. Louis role model for the next 50 years.
Providing Pujols with a contract that includes a part ownership is a win-win-win: a win for the franchise, a win for Pujols, and a win for St. Louis.
Chad Carson, who is in the midst of transferring colleges, went to St. Louis University High School.