Yadier Molina’s Potential Payday and Catcher Aging

It has been a tumultuous off-season for the World Series Champion St. Louis Cardinals, as they lost their face of the franchise first baseman, their iconic manager, and a couple of key front office members. However, life goes on, and it is time for the Cards to focus on the players they do have on their roster. One of those players is catcher Yadier Molina, who, after having his team option picked up, is in the last year of his current contract. From a PR perspective, letting Molina walk – and essentially losing their top two homegrown players in consecutive off-seasons – would be a disaster, but does re-signing the 29-year-old backstop to a lucrative deal make sense for the Cardinals?

Molina has always been known for his defense, as scouts rave about his prowess behind the dish. This is supported by the fact that he has nabbed 44% of potential base stealers in his career, and over the last four seasons has been worth 15.9 fielding runs. Miguel Olivo, at 10.0, is the only other catcher in double digits. There is still a lot of work to be done on catcher metrics, but in this case the stats match the eyes. Although known mainly for his contributions behind the plate, Molina has also stepped up his offensive game. After posting wRC+ marks of 69 and 52 in his first two full seasons, Molina has been over 84 each of the last five seasons, including a career-high 123 in 2011. This was fueled by an ISO of .160, which is 54 points better than his previous high. While it’s not impossible for a player to find his power stroke at age 29, 2011 was most likely an outlier in terms of power production.

After reading the above paragraph, one would believe that we are talking about a very good player, and of course we are. Over the last five seasons, only five catchers have more WAR than Molina’s 14.7, and two of them have very weak defensive reputations (Mike Napoli, Victor Martinez). However, the fact that he is a catcher was not getting its proper due. It has long been the industry belief that catchers break down earlier than other players due to the rigors of the position. This has generally prevented catchers from receiving lucrative long-term deals, and it doesn’t help that Joe Mauer’s eight-year extension is currently blowing up in Minnesota’s face.

On the other hand, we all know that industry beliefs don’t always turn out to be correct. I asked the wonderful Jeff Zimmerman to put together some aging curves on catchers to see if the Cardinals would be taking on more risk due to the fact that Molina is a catcher. The results may be a little surprising.

The blue curve is the aging curve for all players, which is self-explanatory. The red curve consists of 70 players since 1981 that I identified who spent significant time as a full-time catchers. The criteria used was at least four seasons with minimum 800 innings caught (lower in strike seasons). To put that number in perspective, 18 players caught 800 innings last season. The criteria for the yellow curve is a little more lenient – it consists of players who spent at least one season as a part-time catcher since 1981. One season of 200 innings caught will get a player into the sample. The samples were cut off after 30 years because they had enough data points to create a curve, and given advances in medicine, nutrition and training, it is more helpful to compare players to their contemporaries.

As can be seen from the graph, the general catcher population ages in a very similar fashion to the all players sample. This is partially due to the fact that this sample contains players who moved off catcher very early in their careers like Brandon Inge, Todd Zeile, and Craig Biggio. While aging curves aren’t perfect, it would appear that the concern over catchers falling apart at a young age is somewhat overblown. It certainly appears reasonable that teams can preserve a catcher by properly managing his innings behind the plate.

The full-time catcher curve behaves a little differently. Catchers peak two seasons later than other players, which makes sense as many catchers are drafted for their defensive abilities. In the minor leagues, teams then work to develop this skill first, and then work on the bat. It doesn’t matter how good the bat is: if a guy can’t catch, he can’t catch.  After this late peak, full-time catchers lose production at essentially the same rate as other players. In this sample, it is worth mentioning that some of the players did not catch during their decline phase. For example, B.J. Surhoff was done as a catcher at age 27, but continued playing other positions until age 40. However, they are few and far between, and the majority of the players in the sample are guys like Ivan Rodriguez, Mike Matheny, and Paul Lo Duca, who were catchers until the bitter end.

Another thing that bears mentioning is that on the curve, runs are scaled to production per 600 PA. This means the curve does not account for playing time. To examine this, I looked at my sample of 70 catchers to see if there were any major reductions in playing time.

There is a slight decrease from age 31 to 32, but other than that, nothing we wouldn’t generally expect from an older player at another position.

Another potential issue when using aging curves is survivor bias. However, that is not so much an issue here as we want to compare Molina directly to others like him – players who were good enough to last in the big leagues for an extended period of time.

Obviously, not all players fall in line on a simple curve, and Molina already bucks the trend, as he appears to be peaking a little later than usual. It is also worth mentioning that he has two older brothers who have caught in the Major Leagues for extended periods. Bengie Molina and Jose Molina both played at an acceptable level into their mid-30s, and Yadier has the most athletic body of the three.

So, what does this mean for a potential contract extension? The most common number thrown around is $10MM per season over three or four years, which certainly seems reasonable given the fact that Molina would be 30 years old at the start of his next deal. However, given that catchers may not decline as quickly as the industry generally believes, the Cardinals could be getting a steal.

The main issue is where one defines Molina’s true talent level. Last seasons 4.1 WAR is probably an aberration, but if you define Molina’s 2013 talent level at 3.5 WAR, he is worth almost $60MM over the next four seasons. If you are more pessimistic at have him at 2.5 WAR, he is still worth $38MM over four years and $32MM over three years.

WAR $/WAR(MM) $ Value
3.5 5.00 17.5
2.8 5.25 14.7
2.8 5.51 15.4
2.1 5.79 12.2
59.8
WAR $/WAR(MM) $ Value
3.0 5.00 15.0
2.3 5.25 12.1
2.3 5.51 12.7
1.6 5.79 9.3
49.0
WAR $/WAR(MM) $ Value
2.5 5.00 12.5
1.8 5.25 9.5
1.8 5.51 9.9
1.1 5.79 6.4
38.2

Another thing to consider is that defensive metrics may be underestimating his actual contributions. Research has been done that suggests framing alone can be worth a couple wins per seasons. An example: Over 2100 combined games, current metrics say that the defensive difference between Molina and Victor Martinez is seven wins. That number could easily be much higher.

While the Mauer contract understandably makes GMs around the league nervous, it is important not to let one bad apple spoil the whole batch. Over the last 30 years, catchers have aged in a similar fashion to other players, and expecting Molina to fall off at age 32 just because he is a catcher is not the right way to look at the situation. Given these curves and the performance of his brothers, extending Molina looks like a smart move, both in terms of PR and winning ball games, if he is indeed willing to accept a figure in the $10MM range for three or four years. He has already stated that he isn’t willing to take a hometown discount, but maybe the Cardinals will be able to exploit a catcher discount.




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55 Responses to “Yadier Molina’s Potential Payday and Catcher Aging”

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  1. Matt says:

    This will be the only time we can ever use this phrase:

    “Yadier has the most athletic body of the three” :)

    Well done piece. The framing argument is a good one. Also, need to consider the effect he has in handling a pitching staff. Do we have something in existence that weighs that?

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    • stan says:

      I just wonder if other bidders are going to pay market value for his defense. The Cardinals could be bidding against themselves for a catcher with a 700 career OPS.

      Also, I’m pretty sure Jose Molina is more athletic (tallest midget, I know).

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    • Matt – there is nothing I know of on that topic that I would trust to use in my analysis, but I am sure there are smarter people than me working diligently to figure it out.

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  2. vivalajeter says:

    If the contract numbers are correct ($10MM for 3-4 years) then I wouldn’t hesitate to re-sign him. Even if he does age pretty quickly over the next 4 years, that’s not a prohibitive amount – and it’s not like his defense should fall off a cliff.

    As for the graph, what’s the average peak runs for catchers compared to all players? I assume it’s lower than any other position. I’m making up numbers, but let’s say that a catcher peaks at 40 runs and a non-catcher peaks at 60 runs. A 20 run drop would be 50% for a catcher but only 33% for a regular player.

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  3. johnorpheus says:

    “From a PR perspective, letting Molina walk – and essentially losing their top two homegrown players in consecutive off-seasons – would be a disaster, but does re-signing the 29-year-old backstop to a lucrative deal make sense for the Cardinals”

    Um, not really. I’m tired of analysts painting the Cardinals franchise this way. They’re not in a “tumulous” position. No one’s crying over Albert or Tony, as the team has more overall talent due in large part to their departures, and no one will cry over Molina leaving if he asks too much. The fan base is better than that. This whole though process is manufactured drama.

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    • olethros says:

      There is a tiny minority of vocal douchebags on the various message boards that make it seem that way, though. Similar to the vocal minority currently flipping their wig about insurance coverage for birth control.

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      • Marver says:

        Forgetting, of course, that the cost of insurance will just go up to cover the costs incurred by covering an additional medication, let’s not get our panties in a wad about something that costs $15-20 a month.

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      • Todd Doug says:

        To Marver: Birth control saves insurance companies money. Pregnancy is expensive.

        And as a Cards fan, I don’t think Molina is going to re-sign. I think he wants to pull an Albert and leave. I think some team will step up and offer 5 years or something like that.

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    • Ken says:

      I find it hard to believe that the general fanbase is completely fine with the game’s best player in the past decade leaving. The hardcore, sabermetrically-inclined fans are one thing, but they’re not anywhere near the majority of the fanbase.

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      • If you want to make the argument that my language was a little too strong for the sake of the narrative, I can buy that. But I don’t believe that the fans were happy to see Pujols leave.

        Yes, your like-minded friends on Saber-minded sites most likely understand.

        But guys like this (http://tinyurl.com/7ous3kc) probably not so much.

        Ken pretty much hit it on the head, but I really wanted to post that picture.

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      • steex says:

        I think you’re underestimating how team-centric most of the STL fanbase is. I’m a non-Cardinals fan living in STL and I can assure you that most people here either truly believe or have convinced themselves that the Pujols camp was unreasonable in its negotiations and are totally behind management. The fact that Mozeliak then used the money to bring Beltran in on a smaller contract just seals the deal.

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      • Steex. Thank you for your perspective. As someone who has never even been to St.Louis, I can’t get the same read on the situation as someone like you. It is invaluable information.

        However, I am not totally convinced that people were happy about it. Fans come to the ballpark to see winners or stars. If STL can keep winning by doing things like signing Beltran, it will go a long way to keeping the fan base happy. But there is definitely one less superstar in St.Louis this year.

        At the end of the day, that wasn’t really the point of the article either. I sometimes get sucked in by the narrative at the expense of the statistical analysis (wish I was as talented a writer as Posnanski!)

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      • bstar says:

        Ryan,

        That picture was a classic.

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      • steex says:

        I understand this is a sidetrack from your story, I’m just providing a data point in a sense. I appreciate the response/discussion.

        I certainly do not think people are happy to see Pujols leave STL, but my observation is that most people hold Pujols responsible for the decision rather than management. To that end, it’s undesirable for the team not to have Pujols, but is not really a PR problem for management.

        There will probably be virtually no effect on attendance in 2012 due to his absence, due in large part to the “victory lap” effect and high expectations for the team. Poor performance in the coming seasons could potentially start to impact attendance in time, but you could make the argument that Albert’s eventual decline would produce a similar reduction in team performance.

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  4. Eron says:

    What about the value of Yadi making runners hold up because they don’t want to be thrown out or the fact that they stay a step or two closer to first so they don’t get picked off by one of his snap throws. he will be worth every penny of a 40-60 million deal (in perspective to all baseball contracts) for what he provides that pitching staff and defense.

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  5. stan says:

    I find it comical when writers continue to predict “disaster” for the Cardinals. Why exactly would Molina leaving be especially disastrous? Because he’s home-grown? You may not be aware, but very few Cardinals of the last decade are home grown. The fans will root for them regardless. Moreover, that’s about to end because the Cards’ farm system is elite for a change so we will be getting cheap homegrown players again very soon. Losing Molina would require getting another good catcher in FA or in trade, but its hardly a disaster.

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    • Marver says:

      To the author’s credit, he was referring to the “PR perspective”. And while I agree that Molina leaving wouldn’t be a great PR move, it hardly spells disaster either. This isn’t a team with a poor/cheap image that would lose a ton of fans if they let a few players go, like the Padres or Pirates. When you win a few World Series, the fans are going to give you some leeway on player personnel decisions.

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      • stan says:

        I understand that. However, if he’s followed the Pujols business at all then he should know that St. Louis fans are not obsessed with keeping homegrown players and that they understand the business of baseball. Major media types kept predicting that the Cards would have to give in on Pujols because the fanbase would revolt but management came through with flying colors.

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    • the hottest stove says:

      If anything, letting Pujols walk showed the fan base in St Louis that you can pay guys a reasonable amount during their prime, and then pass them off to another team at a higher cost as their skills diminish. It’s a callous, but very effective approach…. I hope they keep Yadi but it seems like he’s begging to be OVERPAID rather than paid fairly, so the Cardinals will probably pass him over to the Angels and move on with life. I bet the Cards’ front office will be pretty firm at around $40-45 million. Anything more, he walks and most people understand both sides similar to the Pujols deal.

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  6. stan says:

    Why would you assume 3.5 WAR as a benchmark for Yadi? He’s only made that number twice in his career. I’m glad that you’ve accounted for his likely career year last year but if you’re going to regress to the mean you haven’t gone far enough. His career average as a starter is closer to 2.5 WAR and even in his last four year “peak” its 3.2 WAR.

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    • WAR didn’t like Yadi’s glove last year, which cost him half a win off his usual total. I don’t buy that. I’m happy to give him that half a win back.

      And his offensive projections are pretty solid. wOBA’s between .320 and .334, which given the current offensive environment should be good for a wRC+ of over 100.

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      • stan says:

        There’s good reason why WAR didn’t like Yadi’s glove- he gave up more stolen bases than ever and he didn’t block as many balls. I’m kind of surprised a fangraphs writer didn’t trust the stats.

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      • What I mean is I don’t buy that going forward. Last year was not his true talent level defensively imo.

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    • Pitnick says:

      If I recall, UZR for catchers only incorporates their success at throwing out base-runners. Until someone creates a stat that’s a little more complete, I think it’s appropriate to fudge the numbers a bit, and err on the side of conventional wisdom.

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  7. xdog says:

    “Research has been done that suggests framing alone can be worth a couple wins per seasons. Over 2100 combined games, current metrics say that the defensive difference between Molina and Victor Martinez is seven wins.”

    I don’t follow. That’s 1 win over 300 games or 1/2 per season. That’s not ‘a couple wins’.

    “That number could easily be much higher.”

    Why? Could it be much lower as well?

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  8. I read that over again and can see why you didn’t follow my logic.

    Think of it this way. Right now, our stats say that the difference between the very best catchers and very worst catchers is 15-20 runs (1.5-2wins). That takes into account everything. If it does prove true framing alone can be worth 2 wins (there is a reason Ryan Doumit is no longer a full time catcher, and it’s not his stick), the difference between the great catchers (Yadi) and below average catchers (V-Mart as an example) is greater than we are currently accounting for.

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    • That was for xdog, the reply button didn’t seem to want to work…

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      • xdog says:

        Thanks Ryan for the quick response.

        A couple more questions.

        What’s the ‘true’ defensive difference in wins between Molina and say, McCann? Or Martin?

        Doumit isn’t a catcher anymore not because he can’t frame but because he can’t catch.

        That’s not his fault. Rather it’s to his credit that he can play (sort of) another position. When Yadi can’t catch anymore he’s done or a backup. Also, Doumit has taken himself away from a position where he’s much more likely to sustain debilitating injury than where he plays now. That would seem to tilt the scales more to Doumit in a long-term value comparison, right?

        Just for fun I’d like to see bleeding edge defensive numbers for Gary Carter and Molina. Fun of course is when someone else does the work.

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      • Nitram Odarp says:

        The early numbers on framing seem to show that McCann is incredibly underrated defensively and is arguably the best in the majors when it comes to framing pitches (3-4 runs better than Yadier per hardballtimes numbers).

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      • bstar says:

        Do you have any links to that data, Nitram? Anything that paints McCann’s D in a better light, I’m interested in.

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      • Nitram Odarp says:

        http://www.hardballtimes.com/main/article/evaluating-catchers-framing-pitches-part-3/

        To be fair, the numbers Mike Fast came up with at BP merely paint McCann as a well above average C when it comes to framing pitches instead of arguably the best in baseball, but either way it appears McCann was being underrated defensively.

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      • Xdog – I won’t pretend to know the exact answer to that question. I’m not an expert on catcher defence. The links that others have provided in the comments here are an excellent start to brush up on your knowledge.

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      • bstar says:

        Nitram,

        Check out the link below posted by Anon on hardball times about catchers’ ability to block wild pitches. An exhaustive, truly great study, it once again paints McCann in a positive light.

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  9. BigT says:

    You’re argument regarding age is fine and some team may give him what you suggest, however as a cardinals fan I think it would be more disastrous for them to pay him that much. A $10mil per catch is not a luxury that team can afford. Also your caculations are off. I don’t think you can use surface numbers to determine his value. You need to adjust his value per WAR for position value. On average the catcher is the lowest paid position and that’s including Mauers’s outlier. There are only two catchers that wil make over $10 mil next year and neither got the contract for there glove. Try looking at the average WAR of catchers over Molina’s career and check out the contracts of those just above and below him. Even adjusting for inflatin he is 7-8 mil per player.

    He may have had a career offensive year but he Also Molina had a down defensive year last year, he had his worst CS% in a division that doesn’t steal bases. They didn’t face Houston until later in the season when Bourne was gone. And to clarify, by career offensive year you mean 6 more hrs and 10 more runs scored but only three more rbi’s and .01 higher batting average than previous highs?

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    • Mike says:

      Only 3 more RBIs!

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    • BigT says:

      I’ll add numbers to my thought to help determone his value. You are Waring mil/War for the entire league. According to USATodays 2011 player salaries catchers on averegae made $2.25 mil including Mauer’s outlier. That is approximately 30%200 less then the league average salary. Adjusting your $10mil for positional value he is a $7mil per player. You cant ignore precedent.

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      • My starting point is not $10M. That’s just a contract number that’s getting throw around. On my two tables, I would peg him somewhere between the 3 and 3.5 WAR. If you take 30% off that, you get into the $10M range, so it makes sense. You definitely make a good point about catchers, on average, being paid less.

        Can’t tell if trolling with the RBI and runs comment though…..

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      • BigT says:

        Not trolling. Just stating. The career year gets thrown out there a lot in St. Louis, but its not put in perspective. Only real change was an increase in power which attributed to more runs scored. RBI’s were basically unchanged from the previous year. My point is he’s not an offensive threat. He’s a defensive specialist. IF other teams want to give him $10+ mil great. He should go get it. The Cardinals have too many potential holes to fill in 2013 and beyond to invest that in Molina. It won’t be a PR night mare as you suggest. Most people in STL understand this.

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    • BigT says:

      I’ll add numbers to my thought to help determone his value. You are Waring mil/War for the entire league. According to USATodays 2011 player salaries catchers on averegae made $2.25 mil including Mauer’s outlier. That is approximately 30 percent less then the league average salary. Adjusting your $10mil for positional value he is a $7mil per player. You cant ignore precedent.

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  10. The impressive thing about Yadi is his SBA stats in combination with his CS%.

    My assumption is that only the better base stealers run on him (as opposed to Napoli for example) so his CS% is more impressive.

    One also has to look at the pitcher’s ability to hold runners on. The 2011 SP were not the same rotation completely as before.

    Another factor is Matheny as manager, a guy who kept his job for so long because of his glove and handling pitchers. My guess is he lobbies hard for Molina as will the pitching staff.

    As a StL fan I think many fans are sad to see AP5 go but also realize that he was asking for more money than they could afford. The current gripes about the El Hombre ads are nonsense. AP5 has been very clear that there is only one “Man” in StL.

    I still get excited thinking about Yadi throwing out Utley in a 1-0 elimination game. He can still throw well. I just hope miller is in the rotation while Carp, Wain and Yadi are all still there.

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    • Excellent point about only top base stealers running on Yadi. It would be interesting to actually mine through the data and see if there is something to it.

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      • BigT says:

        Would be interesting. He does have a cannon but my inclination is the sample size may not be big enough to form a solid conclusion. Playing in the NL central he doesn’t face many of the premier base runners on a consistent basis.

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  11. Not many of the fan faces of my lifetime were homegrown: McGee (NYY), Ozzie (SDP), Carp (Tor), Wain (ATL) and even hometown guy Freese (SDP).

    We’ve had homegrown guys like Hernandez, Van Slyke, Coleman, Morris, etc leave and some with success in their new homes, but they’ve always survived with guys like Edmonds, Holliday, Jack Clark, Mark McGwire, etc coming in.

    Ray Lankford seems to be one of the few homegrown talents that stayed for quite some time. Players coming and going is just the way of baseball. StL will be cheering for two former rivals in 2012: Berkman and Beltran and its no big deal.

    Few in StL were sad to see homegrown talents like Drew and Rasmus leave. IMO, StL fans are generally pretty smart, well except for the Moran faction.

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    • Absolutely it’s part of the game, as fans we are definitely rooting for laundry. That doesn’t mean it isn’t sad to see homegrown players who have been around forever leave. Growing up a 20 hour drive from the nearest MLB team, I don’t have a favourite team, so I’ll have to use hockey examples. A few years ago when the Oilers let Ryan Smyth go, I completely understood the reasoning, and the money he got as a free agent was ridiculous. Doesn’t mean it didn’t put a dent in my fandom. He was a fun player to watch and was the heart and soul of the team for a decade. Same thing with Hemsky this season. He has said he would love to come back, and management is giving him the cold shoulder because he “isn’t worth the money”.

      It’s also a little unfair to compare Rasmus/Drew to someone like Pujols. Pujols was a pillar of the community and loved by the fans (to the best of my knowledge, anyways) while Drew was seen as a lazy underachiever and Rasmus had run-in after run-in with management.

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      • CircleChange11 says:

        I used Drew and Rasmus as they were viewed to be 2 of the best homegrown talents StL has had in the last 30 years.

        A player of Pujols’s quality for a decade is tough to lose whether they are homegrown or not. You play somewhere for 10 years, at that level, with that character, and the fans feel a bond with you or at leats view you as “one of them”.

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  12. Art says:

    In my opinion Molina is at least in the top ten category of top catchers as far as talent and what he means to his team. At the most top five. I know that GM’s and Agents use WAR’s S/WARS(MM) and Value as negotiating tools, which in Baseball is referred to as “business” but as a fan I don’t watch a player hit, play defense or handle a pitching staff and wonder at any giving time during a game, I wonder what this guy’s WAR is? My “Value” is, is he a good player? Is he he a team leader. In Molina’s case the answer is Yes and Yes. So what ever happened to taking the top 5 or 7 top paying catchers salary’s, averaging them out and there is his “Value”? There will always be Arty Marino’s in Baseball or any other major sport for that matter that will over pay for a top players “Value” and that is why this will be Molina’s last year in St.Louis.

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    • I’d be curious who the catchers you rate higher than Molina are? I can’t imagine him out of the top 5.

      McCann, Posey, maybe Wieters. Mauer IF he is healthy.
      Avila still has a lot to prove.
      V-Mart is not a catcher anymore, Napoli is borderline. Who knows how much longer Santana will be behind the dish.

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  13. Art says:

    Oh! btw, excellent article.

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  14. Voxx says:

    Speaking as a lifelong Cardinals fan and as a STL resident I can say that now it’s over, we aren’t crushed to see Albert leave. We wanted him to stay but his reasons and actions convinced many of us that it isn’t such a bad thing with him going elsewhere.

    As to Yadi – it’s more than just stats. He’s gotten lazy and surly and is no longer a good clubhouse presence. And now that he is pouting about his best friend on the team leaving, I am expecting worse this year. I think many of us here won’t be sorry if he leaves after demanding top money. (And yes – we have perhaps gotten spoiled by the idea that players should give a home town discount to play here.)

    As to his value – well I can’t argue with that. He’s good. We probably won’t be able to match his WAR value anytime soon. But as I said – there are other factors to consider.

    And good article to be sure.

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  15. Art says:

    Ryan, personally I think Molina is the number one catcher. But for Value and singing purposes, I really don’t think too many players would have turn down the average of the top 5 players at their position. I’ll go as far as too say that had we (life long Cardinal fan of 50+yrs) made that offer to Albert the year before is arbitration year he would have been a Cardinal for life. But I get all the Fantasy League stats and I my opinion is that’s exactly what they are, “Fantasy!” The game is still played on the field and not in some stat book. I can see who the good players are.

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  16. xdog says:

    “Xdog – I won’t pretend to know the exact answer to that question. I’m not an expert on catcher defence.”

    Thanks for your honesty Ryan. I’m not an expert on catcher defence either and was hoping for some quick cred.

    I checked out some of the links posted (thanks all) and a quick read tells me I’ll have to invest more time than I have to make sense of the methodology and see if I think it works.

    I’m hearing Molina wants 4/$50M. If that’s the deal and there’s no give on years and dollars, it really doesn’t matter what I think about it because I’m certain that Mozeliak and DeWitt will think it’s a deal they can live without so adios Yadi.

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  17. bstar says:

    We’re just learning even now how to properly measure catcher defense, but early indications are that catcher WAR will increase (for good defensive catchers) once these new insights come into the equations. Knowing that, I’d surely pay at least $10 mil/yr per for Yadi.

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