If for some God-forsaken reason he's not signed, he should be traded in mid-season. And Jim Hendry should be promptly fired.

There are two ways to approach a deal like this:

One, go for fewer years, minimizing possible damage caused by injuries and whatnot, but still know that the market could be even crazier in a few years.

Or two, go for more years, hoping Z stays healthy and effective, in order to keep him signed with what may soon look like a very reasonable salary.

I think the final contract will be a reflection of where Hendry thinks the market will go in the next few years. More years = market will continue to climb, and Hendry wants to avoid paying even more money in a few years.

Better yet, throw in one of those infamous opt-out clauses in the middle of the deal. You have the opportunity to save money over the course of a short term deal in the event he leaves (here's hoping he doesn't), and you give him incentive to want to stick with the contract.

The dollar amounts will still add up to what he wants, and this way they won't overspend for the next few seasons (in which they owe some big bucks to players who look to move on at contract's end or via trade).

Zambrano is twice the pitcher Zito is, and as absurd as Zito's contract was (what were the Giants thinking??), it established the market for an ace. If that's what a number one starter is worth, then that's what you have to pay him.

The main issue is that all the risk in that situation is assumed by the team. There is no scenario, barring tremendous altruism on the player's part (and really, if a guy's getting a clause like this, we can assume such a trait ain't part of the game), where the team doesn't get hosed when decision time on the option comes. Either they lose a productive player, have to pay more money to keep him on board, or they're overpaying for an underperformer. In any case the player wins, and the team loses.

Look, I like watching Z, I hope the Cubs re-sign him, and I hope it works out for both sides. But if it gets to a point where the team decides that the monetary risk is too high and they don't re-sign him, I can live with that.

However, what I don't want to hear is "we couldn't sign Z because we spent too much money on Eyre, Howry, DeRosa, Floyd, etc." That would make me sad.