According to Ken Rosenthal of FOXSports.com, the reports that were released regarding Johan Santana’s contract terms appear to be higher than what it actually is.

The contract is for six years, including 2008, according to a copy of the deal obtained by FOXSports.com. It is not a six-year extension on top of the one year left on his previous deal. Santana will receive an increase from $13.25 million to $19 million this season under the new terms.

Also, the present-day value of the deal is $123.1 million, not $137.5 million, according to the players’ union. The Mets will defer $5 million per season with 1.25 percent compounded interest, making the deal less expensive in current dollars.

Rosenthal also notes that Santana has a $25 million club option for 2014 that will become a player option if one of five things occur.

WFAN is reporting that the deal is done. The details have yet to be released. More to come…

added by MetsGal

ESPN is reporting the same thing. I think all the air was just sucked out of New York. Santana will have a physical tomorrow.

Update 6:49 p.m. - The details are sketchy at this point, but it is being reported that the deal is in the neighborhood of six-years, $150 million.

Update 7:07 p.m. - The NY Daily News is reporting that the deal is for seven-years and worth $150 million.

Update 12:01 a.m. - Marty Noble of MLB.com is now reporting that Santana will be under contract beginning this year and through 2013, and that an option exists for 2014 and that he will be guaranteed $137.5 million. The option includes a $5.5 million buyout.

ESPN Report…

According to Ken Rosenthal of FOXSports.com, the Mets will give relief pitcher Pedro Feliciano, $1.025 million for the upcoming season.

In 78 appearances last year, Feliciano went 2-2 with a 3.09 ERA. He also recorded 2 saves.

Jon Heyman of SI.com is reporting that the Mets and Johan Santana are close to reaching an agreement that will pay Johan Santana almost $22 million a year for six-years.

The report states that people with knowledge of the talks say they expect a deal to be completed by the 5 p.m. EST deadline.

Bob Nightengale of USAToday is reporting that “the Mets, according to a high-ranking official privy to the negotiations, are close to agreeing to a five- or six-year contract extension with Johan Santana that will average about $21.5 million a year. The two sides have until 5 p.m. ET Friday to reach an agreement.”

Charley Waters of the Pioneer Press is reporting that the Mets appear closer to an agreement with ace SP Johan Santana. The two sides are reportedly talking about a six-year deal, worth more than $150 million, with a $7 million signing bonus and performance-based incentives.

Bob Nightengale of USA Today is reporting that the Twins have sent Johan Santana to the Mets for Carlos Gomez, Kevin Mulvey, Phil Humber and Deolis Guerra.

The madness has ended.

Jayson Stark of ESPN.com reports that the Phillies have agreed to terms with 3B Pedro Feliz on a two-year contract.

Feliz batted .253 with 20 home runs and 72 RBIs last season with the San Francisco Giants.

Solid pickup for the Phillies for the short-term. For what it’s worth, Feliz is a career .260 hitter against the Mets in just 96 at-bats.

La Velle E. Neal III of the Minneapolis Star-Tribune reports that both the New York Mets and Minnesota Twins have discussed adding another player to the reported Carlos Gomez, Philip Humber, Deolis Guerra and Kevin Mulvey deal. While the Mets view 19-year old prospect Fernando Martinez as ‘practically untouchable’, the two sides have talked about adding Scott Schoeneweis, Joe Smith or Aaron Heilman to the deal for Johan Santana.

The Yankees and Twins have discussed adding a third or fourth player to their proposed deal of Philip Hughes and Melky Cabrera.

The Red Sox have discussed tweaking the back-end of their current offers to make the deal happen, but the Twins still would have to work with either a deal led by outfield prospect Jacoby Ellsbury or another led by pitcher Jon Lester, but not both in the same deal.

Update 1/26 - 7:12 p.m. - It appears that Neal updated the article and now it does not include pitchers Scott Schoeneweis or Joe Smith.

According to a report from the Associated Press, Mets outfielder Endy Chavez has agreed to terms with a team on a two-year, $3.85 million. He will make $1.8 in 2008 and $2.05 in 2009. He can also make up to $625,000 in performance based bonuses.

His deal calls for bonuses this year of $25,000 for 100 games, $50,000 each for 110, 120 and 130 games, and $25,000 each for 350, 375 and 400 plate appearances.

In 2009, he would make $50,000 for 100 games, $75,000 each for 110, 120 and 130 games and $25,000 each for 325, 350, 375 and 400 plate appearances.

John Hickey of the Seattle Post-Intelligencer reports that the Mets and Mariners appear to be the two final teams in the running for the left-handed ace of the Baltimore Orioles, Erik Bedard. The Cincinnati Reds would not give up their best outfield prospect and therefore have dropped out of the running. The report also states that it seems as if the Chicago Cubs have also dropped out of the race for Bedard. Here is what Hickey has to say about the Mets:

What this means is that the competition for Bedard may come down to the Mariners and the New York Mets. But the Mets have not pushed hard for Bedard, and the Mariners, while willing to trade Adam Jones, haven’t been willing to meet all the Baltimore demands.

It would be wise for the Orioles to continue to wait out and see what happens with Johan Santana. Since the Mariners don’t appear to be willing to part with Adam Jones in a deal for Bedard, the Mets could jump in and make an improved offer if they miss out on Santana. The Orioles may be intrigued more by an improved offer from the Mets than an sub-par offer from the Mariners that doesn’t include Adam Jones. The latest offer that the Mets have made for Bedard was back in December when the team reportedly offer Carlos Gomez, Philip Humber and Aaron Heilman.

Ken Rosenthal of FOXSports.com reports that the Chicago White Sox have signed right-hander Octavio Dotel to a two-year, $11 million contract.

Dotel, 34, went 2-1 with a 4.11 ERA and 11 saves in 33 appearances, splitting time between the Braves and Royals last season.

According to a report by Kevin Kernan of the New York Post, sources say the Mets have told the Twins they would not throw in top outfield prospect Fernando Martinez in a five-for-one deal for Twins SP Johan Santana.

The two teams continue to talk and word out of Minnesota yesterday was that, yes, the Mets could snare Cy Young Santana for the right price, but as far as the Mets are concerned, that five-for-one deal is not the right price.

Mets New York Mets sources told the Post they would not make such a trade, sending away all those top-level prospects. They also have made it clear they are not trading Jose Reyes. If this deal is to get done, the Mets would be willing to give up some prospects, but not all those mentioned.

The current deal according to a report out of Minneapolis yesterday is SP Kevin Mulvey, SP Deolis Guerra, SP Phil Humber and CF Carlos Gomez.

Meanwhile, David Lennon of Newsday chimes in with more trade notes.

Just how aggressive is where Fernando Martinez, a top outfield prospect, enters the equation. A report in yesterday’s Minneapolis Star-Tribune suggested that the Mets needed only to include Martinez to complete a deal for Santana. Two people familiar with the situation said yesterday that is not the case.

According to Brian McTaggart of the Houston Chronicle, five athletes will be honored on February 5th with the prestigious Thurman Munson Awards at a dinner at the Marriott Marquis Hotel in New York. It is recognized for the athlete’s success on the field of play and their work within the community. Among the five athletes include Mets 3B David Wright, Astros 2B Craig Biggio, Yankees CF Melky Cabrera, New York Knicks shooting guard Jamal Crawford and Olympic gold-medalist Kristi Yamaguchi.