Baseball Prospectus has an article

Baseball Prospectus has an article asking Is Pedro worth the money? The article brings up a point I hadn’t seen mentioned before. If the Sox didn’t pick up the option, they were still obligated to buy out the final year for 2.5 Million. So picking up the option really “only” cost them $15 Million, rather than the 17.5 figure. (Thanks to The Auditioner for pointing this out.)