Analysis of Long-term Free Agent Contracts

 Source: Mike Ehrmann/Getty Images North America)

Source: Mike Ehrmann/Getty Images North America)

The excitement that accompanies long-term free agent contracts (8-10 years in length) is followed almost immediately by immense scrutiny. These lengthy deals that buyout at least eight years of free agency are associated with significant risk, and it is usually assumed that the player will provide very little value in the last few years of the contract. Despite the high chance that the team will have a devastating amount of money allocated to an unproductive player, we are seeing more and more players signed to these long contracts. While I have mentioned that I consider these long-term free agent contracts to last a minimum of 8 years, they do not need to be signed on the free agent market. Rather, these deals can be extensions signed prior to free agency, but they must buyout at least 8 years of the player’s free agency. This would not include a player like Freddie Freeman, who signed an 8-year contract after 3 seasons in the Big Leagues, which means his contract only buys out 5 years of free agency. I make this distinction because these early career extensions are usually less money and also a different type of risk, as you pay for less of a known quantity.

What is making teams increasingly willing to pay tens of millions of dollars a year for more than 8 years of free agency? For starters, the clubs must guarantee something in the neighborhood of 8 years to secure a superstar talent in free agency these days. With the amount of money in the game continuing to grow, it reasons that clubs expect this growth to continue and make their payments in the last few years of the deal less substantial in regards to their total payroll. Beyond why these deals are becoming more common, we need to know how completed contracts turned out and the current outlook for ongoing contracts. This is important because it does not appear these long-term deals are going away, actually, we are likely to see more in the very near future with players like Jason Heyward and Ian Desmond set to hit the open market following the 2015 season.

Teams looking for one major addition to push them over the top for the next few seasons are more likely to justify a deal like this as a way to win in the short term, while not entirely ruining their future. After all, the player should provide at least 5-6 years of value before they are not a key contributor for the club, and in some cases even more. This gives the team enough time to develop young talent to arrive just as the star becomes extremely overpaid, so they can remain competitive. However, this is rarely what happens, as teams choose to kick the can further down the road and remain in win-now mode, which is not a bad strategy when you win, but what about when you lose?

The Angels can attest that it puts incredible strain on the farm system without improving the Major League roster enough to reach the Postseason. While they finally made it to the Playoffs in 2014 with the best record in baseball, they accomplished this feat two years after they planned. Despite significant free agent expenditures for Albert Pujols (2012) and Josh Hamilton (2013), the Angels did not make it beyond the regular season until 2014. Baseball Prospectus ranked the Angels’ farm system as the weakest of all clubs for the second straight season heading into 2014. Sacrificing draft picks for star free agents and trading top prospects for Major League improvements failed to help the Angels’ efforts in 2012 and 2013, although it helped them for 2014, they have paid a steep price. Where Pujols should have been the star to anchor the Angels roster, he led to the need for more additions, further delaying the rebuilding of their farm system. This is not to say anything negative about the Angels, more to point out that these deals do not guarantee the club’s success, nor does it guarantee the player will remain a star even in the early years of the deal. The Angels are not the only team that has signed a player to a long-term contract and not immediately experienced success, but each team with such a contract was in win-now mode or nearing such a phase.

Another driving force behind these deals is the record amount of money flowing into the game. While many people would like to believe baseball’s popularity is fading, that just is not true. Revenues have been growing for some time, and in 2014, Major League Baseball saw a 13% increase giving them over $9 Billion in revenue for 2014. MLB’s new television deal with ESPN has led to each MLB team receiving over $25 Million per year, which is a $15 Million increase. This is money that MLB gives to every MLB team, but many teams are now receiving much more money from their own local television deals. This influx of cash has led to more spending in free agency, as teams have more money to spend now and also greater security moving forward. With teams like the Angels taking in over $150 Million per year from these deals, it is no surprise clubs are willing to guarantee long-term deals in order to land a superstar for the remainder of his prime. This is especially the case since inflation will likely make the payments in the later years of the deal less significant than they currently seem. Inflation will not make these deals bargains, but it certainly mitigates some of the risk associated with these types of deals, especially if the club expects increased revenue moving forward.

The general feeling around the game is that these long-term contracts will always end in disaster, and while this is often the case, it is not a guarantee. These types of deals do not always end in multiple years of little production and the entire production over the course of the deal can make up for any lack of production in the later years. 21 contracts have been signed that bought out at least 8 free agent seasons and of those 21 deals, 7 have concluded:

Successful: Among these 7 contracts, three can be considered clear successes for the team. These three are Derek Jeter’s 10-year, $189 Million pact, Scott Rolen’s 8-year, $90 Million contract and Alex Rodriguez’s 10-year, $252 Million deal. During the 9 years that Jeter would have been a free agent without his deal, he accumulated 46.2 fWAR, which comes out to $3.8M/Win. While this shows his deal was certainly successful when considered in its entirety, Jeter also never faded, always being a worthwhile investment. Scott Rolen’s 8-year deal proved to be even more valuable for the team, as his 35.3 WAR over the course of the contract, coming out to $2.5M/Win. Similar to Jeter, Rolen was a valuable player throughout the life of his deal. Finally, Alex Rodriguez’s first 10-year contract was also a very valuable signing for the team. While he opted out after only 7 years, we can still see how he performed in the three years following his opt out. If he had played the entirety of his deal, Rodriguez would have been worth $3.6M/Win and he also never faded during this time.

Even: Of the 7 concluded contracts, Manny Ramirez’s 8-year, $160 Million deal and Todd Helton’s 9-year, $141.5 Million deal were relatively fair for both the player and team. Both contracts ended with the player averaging $4.8M/Win, which is just about what a win was worth in 2008, according to Dave Cameron. Ramirez’s value faded slightly towards the end of his deal, as his defense deteriorated, but he did finish strong in 2008. Helton also lost some value, as he was about replacement level in 2 of his last 4 seasons, but did rebound each time, so he was not a complete waste of resources at any point.

Unsuccessful: The final two concluded deals have not been so team-friendly. Alfonso Soriano’s 8-year, $136 Million contract and Ken Griffey Jr.’s 9-year, $116.5 Million contract never lived up to the hype associated with such long-term deals. Soriano accumulated 19.6 WAR over the course of the deal, worth $6.9M/WAR, and was eventually released during his final season, as he struggled mightily to a 64 wRC+ through his first 67 games in 2014. Ken Griffey Jr.’s deal is about the worst-case scenario for how these deals can play out. Over the life of his contract, Griffey Jr. accumulated just 9.7 WAR, meaning each win cost more than $12 Million. However, even though his WAR was not impressive, he still carried a 118 wRC+, which may not merit such a significant deal, but he did provide offensive value throughout his deal.

Now let us look at how the ongoing contracts look moving forward. However, with the recent increase in popularity of these deals, many of them are far too early in the contract to make any meaningful conclusions. With that in mind, I will not classify 8 of these ongoing deals because they have not gone beyond two seasons, which is not enough time to gauge the deal’s progress. That leaves us with 6 deals that we can draw some conclusions from:

Successful: Only one of these 6 contracts can be considered a clear success. Tulowitzki’s 10-year, $157.8 Million deal from 2011 through 2020 bought out two non-free agent seasons of 2011 and 2012, so for this exercise, it is an 8-year, $144.1 Million deal beginning in 2013. While Tulowitzki has been hindered by injuries in the two seasons of this deal, he has still accumulated an amazing 10.5 WAR and he still looks to be in his prime. His deal expires around age 36, which means Tulowitzki should be a good bet to finish out this deal while still providing value in the final years. Even if he fades heavily at the end of the deal, he should make the overall investment worthwhile, as he only needs to be worth about 10 more WAR over the final 6 years of his extension in order to be worth about $7M/Win, which is right around market value.

Unsuccessful: I would deem the remaining five deals as unsuccessful or at least certainly looking like they will be by the time they expire. Unfortunately, Alex Rodriguez’s second 10-year deal did not go as smoothly as the first. Forgetting about his off-field issues, Rodriguez has still struggled to live up to his $275 Million contract, providing only one season of a WAR above 4, and only 4 seasons as an above average player. Albert Pujols’s 10-year, $240 Million deal may be even worse, as he has never resembled even the worst form he displayed as a Cardinal. This deal will be very ugly by the end of it. Prince Fielder’s 9-year, $214 Million contract has also gone poorly through its first 3 seasons and is likely to remain a rather poor contract, as he was always expected to age poorly, but now his early performance has not provided the value expected to make that worthwhile. Not quite as poor a deal as those above, but Mark Teixeira’s 8-year, $180 Million deal is not looking very good, as he has collapsed after 4 seasons that were about what you would expect from him. However, he no longer shows signs of the player he once was and the final two years of this deal are likely to be as ugly as the two preceding years, when he combined for 0.6 WAR. The final long-term deal that has not worked out so well for the signing team is Joe Mauer’s 8-year, $184 Million contract. He has the best chance of these 5 players to make his deal at least a fair deal, but his shift from catcher to first base will make that quite the challenge. Mauer’s hit tool is not as impressive at a position that is flush with offensive threats, especially since he does not provide the power typical of a first baseman. With 4 years left on his deal, Mauer should be able to maintain his above-average hitting ability, so he will still provide value, but just not as much as was expected when he signed the deal as a catcher.

It is apparent that these long-term deals carry substantial risk and usually result in a winner and loser, but we already knew that. What these deals do show, however, is that it is not a guarantee that these deals always end poorly for the signing club. If the team is on the right spot on the win curve when they sign the player, then it is likely to make the struggles at the end more bearable, but only if he performs well early in the deal. One thing we can draw from this is that the best deals were those that ended around age 36, but those deals that lasted beyond age 38 were ill advised. Clearly this has to do with players fading less at age 36 than 38, but more importantly those deals expiring before age 38 also bought out better early years from the players. This is because the players are still likely in their primes at the beginning of the contract; however, if the deal extends beyond age 38, the player is likely leaving their prime at the time the contract begins.

With this in mind, I would not suggest signing any players to long-term contracts if they enter free agency at or after age 31. This is partly due to the fact that such a deal would then run into the dangerous age of 39 or later, but also because these players are typically exiting their prime, so they will not provide the value in the early part of the deal to justify paying heavily for little to no production at the end of the contract. These deals can only work if the player plays like a star early on in the deal, as is expected, so it is imperative that the team signs him when he is still in his prime. Another significant criteria for a deal is that the team is prepared to win during the early years of the deal, otherwise, such a deal can hinder a rebuild and actually be a waste of resources, even if the player is productive. We have seen this with Troy Tulowitzki’s deal, while it has been worthwhile by his performance, the club has not been competitive for some time and may now be willing to trade him, despite the immense value his deal has. If these criteria are met, then such a long-term contract is a sensible investment, as the benefits outweigh the risks. However, in order to have a winning team in the future, even with so much money going to a somewhat unproductive player, the club must build its farm system during the early and middle years of the deal in order to have cost-controlled talent on the field, since they may have limited funds.

5 Players Due to Rebound in 2015

(Photo Credit: Andy Lyons/Getty Images North America)

(Photo Credit: Andy Lyons/Getty Images North America)

The New Year cannot come soon enough for some players, who want nothing more than to turn the page on a disappointing 2014 campaign. With the new year just two days away and Opening Day less than 100 days away, it is appropriate that we look at the five players most primed to rebound from a down 2014 season. This list includes three veterans, who failed to reach their career norms last season and two youngsters that have yet to truly establish themselves in the Big Leagues. Each of these players has a very promising 2015 season ahead, which will make 2014 the exception, not the new normal.

Chris Davis

After two strong seasons from 2012-2013, Davis endured a very difficult 2014 season. After slashing .278/.350/.571 (Avg/Obp/Slg) from 2012-2013, Davis collapsed to a .196/.300/.404 slash line. On the field 2014 was tough enough, but Davis was also hit with a 25-game suspension with 17 games left in the season for using Amphetamines. Davis had been cleared to use Adderall in previous seasons, but not for 2014. However, this suspension is completely behind him and he has actually been cleared to use Adderall in 2015, so there is no concern over a longer suspension. While his K% is alarmingly high, that comes with the territory of being an elite power hitter and many of his other peripheral statistics point to a rebound in 2015. Davis’s BB% actually increased to a career high, which bodes well for his on-base abilities moving forward, but it also suggests that pitchers still feared Davis as a hitter. In fact, his .196 batting average was likely greatly influenced by a career low Batting Average on Balls In Play (BABIP) of .242. His career mark for BABIP is .320, so once that normalizes, Davis will soar above the Mendoza line and more resemble his 2012-2013 self. While Davis will not match his 2013 power numbers, he is likely to surpass his 2012 campaign, where he hit 33 home runs. Even in his down 2014, his ISO (Slugging Percentage – Batting Average) was not far off his 2012 ISO, which shows his power did not go anywhere.

Jay Bruce

Jay Bruce’s 2014 season was painful to watch, especially because it came seemingly out of nowhere. Beyond being painful to watch, it was also painful to play, as Bruce battled nagging knee issues throughout the season that contributed to his reduced production. However, there is no reason to believe this is how Bruce will perform moving forward, even if the knee injuries are not entirely to blame for his struggles. Throughout his 6-year career before 2014, Bruce had been one of the most consistent players in the league, averaging over 2.7 fWAR per season. During his disastrous 2014, Bruce’s Ground Ball% soared, while his Fly Ball% sank to a career low. This does not indicate a healthy power hitter, but rather someone who does not have their legs underneath them and must instead do their damage using their upper body. The Steamer projection system calls for Bruce to post a 1.4 WAR, which would be a 2.5 win improvement. However, I think Steamer is being too conservative in its projection because Bruce should be fully recovered from knee surgery before the 2015 season, which will allow him to return to his previous norms. I would project Bruce to post a season closer to 2011, when he played about average defense and slugged 32 home runs, en route to a .349 wOBA and a 3.0 fWAR.

Evan Longoria

Longoria probably does not fit with the rest of the players on this list because he actually turned in an above average campaign by most players’ standards, but not his own. His 3.4 fWAR would have been a career low, if not for his injury-shortened 2012 season. Despite this being the first unimpressive season in Longoria’s extraordinary career, many fans are concerned about his decline beginning well before his $100 Million extension starts in 2017. Longoria’s 2015 season will quell any concerns about his new extension, at least the first few years of the deal. The 29-year-old third baseman averaged over 6 wins per season for his first 6 Big League seasons, and is unlikely beginning his decline, in what should be the middle of his prime. Instead, Longo suffered from a poor batted ball profile in 2014, which should readjust to his norms and an unusually average season on defense. Longoria saw a slight uptick in his GB%, but more significantly his FB% dropped 4% and saw a 4% increase in Infield Fly Balls (IFFB). Both of these shifts suggest that his timing was off, which is a poor excuse for an entire season; however this is not something that persisted the entire season, as his FB% increased by 10% in the second half and his IFFB% decreased by nearly 4%. He will likely enter this season with his normal timing, which will help him reach his career offensive norms. Longoria also posted the lowest HR/FB rate of his career, which will not repeat itself, as that usually remains near a player’s career norms, so he should expect at least a 5% increase, which will significantly help his power output. On the defensive end, I do not put much weight in one season of fielding statistics, so I do not have any concern over his defense, since he grades out as a gold glove defender by any metric for his career. With improved timing and a normalized HR/FB rate, Longoria will put to rest any mentions of his decline.

Danny Salazar

Salazar differs from the players above, as he has yet to truly establish himself at the Major League level. He dominated during his 50 innings of work in 2013, striking out 11.25 batters per 9 innings. However, in his first chance at a full season, Salazar struggled mightily to match expectations. He finished 2014 with a 4.25 ERA across 110 innings, but his 3.52 FIP suggests he was better than his ERA indicates. But there are plenty of more reasons for optimism heading into 2015 and the Indians should expect a more similar performance to his 50-inning sample in 2013. Salazar is not going to strike out 11 batters per 9 innings again, but he does not need to. 2014 was a season of two halves for Salazar, as he cut his FIP from 4.71 in the first half to 2.83 in the second half, which fit with his ERA dropping more than 2 runs from the first half. The second half version of Salazar most closely resembles the real Danny Salazar, as in the first half he was plagued by an inflated BABIP of .369 and an enormous HR/FB rate of 14.8%. Once these things that are not entirely under his control normalized, Salazar thrived, which is what I expect him to continue in 2015. He should be able to carry over his impressive K/BB ratio of 2014 and he is unlikely to have a BABIP north .340 again, which will help keep his ERA closer to his FIP.

Carlos Martinez

Carlos Martinez is very similar to Salazar, in that he has yet to match expectations at the Big League level, but this will be his first opportunity at being a full-time starter. Even in his time stuck in purgatory between starting and relieving, Martinez’s talent has shined, but the results have not always matched what people have seen. In his 117 2/3 Major League innings, the righty has carried a 4.28 ERA, but a 3.15 FIP, which points to better results ahead, once his surface statistics match his peripherals. While Carlos Martinez has been hurt by an inflated BABIP of .336 for his career, but based on pitchers with a similar profile, that is not likely to persist. The 13 pitchers in 2014 with at least 8 K/9 and at least a 50% Ground ball rate average a BABIP of .293, which suggests that Martinez is likely to see improved batted ball results. One thing he can control is home runs and Martinez has been fantastic at stifling home runs, allowing just .38 HR/9 through his career, which bodes well for future success, especially since he can strike guys out. Martinez will need to limit his walks better, but even when he walked over 3.5 batters per 9 last year, he carried an FIP of 3.18, so if he is more lucky with balls in play, it should not be an issue. I think Martinez should excel in his first opportunity as a full-time starter, but I wouldn’t expect him to reach the 200-inning threshold, as he will need to build up his workload, but also because his high number of walks will drive up his pitch counts.

 

I expect Longoria to turn in the best season of the players on the list, which isn’t surprising as he is the only established star and the one coming off the best season. Jay Bruce is my pick for the largest improvement, because I believe his performance was heavily influenced by his knee injury, which should be behind him. Of the pitchers, I’d expect Martinez to turn in the best season because I believe in his incredible talent, but also because his profile of high strikeouts and groundballs bodes well for success.

Anthony Cacchione

Top 5 GM’s IN Baseball Right Now

1. Andrew Friedman, Tampa Bay Rays

Although Friedman’s real position with the Rays is Vice President of Baseball Operations, Friedman performs all the tasks of a General Manager. Since assuming the role in 2005, he has turned the Rays from basement dwellers to perennial contenders in one of the toughest divisions in baseball. He has also done this with one of the lowest payrolls in baseball because the Rays play in a small market with one of the worst stadiums in the Majors. This has not stopped Andrew Friedman from building a contender year in and year out as he has been able to field a quality team by strengthening the farm system and making brilliant business decisions (e.g. Extending his young stars). In his time with the Rays, Friedman has taken the Rays to the postseason three times including one World Series. His first and possibly his best move was hiring Joe Maddon as the Rays’ manager. This may seem insignificant, but Maddon’s unconventional style fit very well with the Front Office’s approach and he was able to change the culture in the clubhouse. Friedman’s top move related to players was drafting and extending Evan Longoria. The Rays took Evan Longoria in the first round of the 2006 season and then in 2008, just six games into his Major League career, Longoria signed a six year $17.5 million extension that had club options to make it as long as a 9 year deal. Friedman has also been able to continually replenish the Rays’ farm system by trading his top Major Leaguers, who are nearing free agency. Such trades have netted the Rays Wil Myers, Jake Odorizzi, Chris Archer and Hak-Ju-Lee, all among the Rays’ top prospects.

2. Billy Beane, Oakland Athletics

Maybe the most well-known GM in the game following the movie, Moneyball, but he certainly deserves to be on this list as he has maintained success with a small market team for 17 years. Beane revolutionized the game of baseball with his use of sabermetrics and his ability to find attributes that other teams undervalue. The Athletics have made the playoffs six times under Beane, but have not reached the World Series since 1990. He is known for being able to make smart trades and key free agent signings at a low price. The greatest example of this is in 2006 when Beane signed Frank Thomas for a mere $500,000 plus incentives and Thomas rewarded him with 39 hrs, 114 RBI and a .381 OBP. This signing propelled the A’s into the postseason eventually reaching the ALCS. Many of Beane’s top trades came prior to the 2012 season when Beane traded away two of his top, young starting pitchers and his young closer. At the time, many viewed these trades as Beane giving up on the 2012 season; however, the returns that Beane received in these deals carried the A’s to become champions of the AL West. In return for his young pitchers, Beane received starting pitcher, Jarrod Parker; reliever, Ryan Cook; starting pitcher, Tommy Milone; catcher, Derek Norris; and Right Fielder, Josh Reddick. All of whom made great contributions to the team’s success last season and are all under 28 years old, which means they likely have not yet reached their prime.

3. John Mozeliak, St. Louis Cardinals

John Mozeliak was promoted to General Manager of the Cardinals in 2007 and took over for a team that had the worst farm system in baseball. Since then, Mozeliak has turned the Cardinals farm system into the best in baseball; although much of this success is due to former Scouting Director, Jeff Luhnow, Mozeliak still orchestrated many of the drafts. The Cardinals have made the playoffs three times under Mozeliak including a World Series Championship in 2011. Mozeliak’s first big move was trading an aging star in Jim Edmonds for David Freese. At the time this trade seemed insignificant, but Freese has developed into a tremendous third baseman and was the World Series MVP in 2011. In 2009, making a play for the postseason, he traded top prospect Brett Wallace and other minor leaguers to the Athletics for Matt Holliday. The Cardinals went on the make the postseason and then Mozeliak signed Holliday to a 7 year extension. Mozeliak made arguably his best move when he traded Colby Rasmus and others to the Blue Jays for Edwin Jackson, Octavio Dotel, Marc Rzepczynski and Corey Patterson. This trade propelled the Cardinals to the postseason and eventually to their 11th World Series Championship in team history. Only Marc Rzepczynski remained with the team beyond 2011, but the Cardinals received draft picks for Jackson and Dotel signing elsewhere. Mozeliak has been very conservative on the free agent market, only signing one player not already on the Cardinals’ roster to a multi-year deal. However, he did sign Lance Berkman to a one year deal when many others thought he was done and Berkman helped the Cardinals win the World Series in 2011. Following the 2011 season, Mozeliak made the bold decision to not pay superstar Albert Pujols, who went on to sign with the Los Angeles Angels. This choice set a precedent of allowing a team’s superstar to sign elsewhere. The Rangers’ GM, Jon Daniels, followed this precedent following the 2012 season, when he refused to match the Angels’ offer to Josh Hamilton.

4. Jon Daniels, Texas Rangers

When Jon Daniels took over as GM of the Rangers in 2005, he became the youngest GM in baseball history at the age of 28. The Rangers have made the postseason each of the past three seasons under Jon Daniels including two World Series appearances. Jon Daniels is most known for his aggressiveness on the trade market and that is where he has had his most success. Jon Daniels’s biggest move might have been trading superstar Mark Teixeira to the Braves for Elvis Andrus, Matt Harrison, Neftali Feliz, Jarrod Saltalamacchia and Beau Jones. Every player from the trade has appeared in the Major Leagues with the Rangers except for Beau Jones. Andrus, Harrison and Naftali Feliz are all still with the Rangers and a huge part of the Rangers’ young core of players. That same year, 2007, Daniels traded top pitching prospect Edison Volquez and Daniel Ray Herrera to the Reds for Josh Hamilton. Hamilton had just posted a strong first Major League season after being placed on the restricted list for drug abuse. Hamilton went on to become the face of the franchise until he signed with the Angels this past offseason. Daniels’s biggest free agent signing was Adrian Beltre prior to the 2011 season, who has put together two tremendous seasons for the Rangers since coming over. Jon Daniels was recently promoted to President of Baseball Operations for the Rangers.

5. Brian Sabean, San Francisco Giants

Brian Sabean is the longest tenured GM in baseball, having held the position since 1996. The Giants have only made the postseason six times in Sabean’s sixteen year tenure, but have won the World Series in two of the past three seasons. Sabean’s top trade came in 1996 when he dealt aging star and fan favorite Matt Williams for Jeff Kent and others. Kent was one of the best hitting second basemen of all-time and posted six consecutive 100 RBI seasons and won a MVP award in 2000. In 2001, Sabean made another astute trade when he sent Ryan Vogelsong and Armando Rios for Jason Schmidt. Schmidt pitched six seasons with the Giants and finished second in Cy Young voting in 2003 when he pitched to a 2.34 ERA. Sabean had to undergo a rebuilding period from 2004-2008, during which Sabean built up his farm system by success in the Amateur Draft. During these years, Sabean drafted Tim Lincecum, Madison Bumgarner and Buster Posey. These three players are all current stars of the Giants and at least two seem likely to remain for the foreseeable future. Prior to the 2012 season, Sabean traded Andres Torres for Angel Pagan in what seemed to be a change-of-scenery deal, but the Giants made out like bandits as Pagan posted career numbers in route to a 4 year, $40 million extension. Torres on the other hand had a .230/.327/.337 (Avg./Obp./Slg.) triple slash line.

Anthony Cacchione