Yankees' Max Fried contract looking much better after Phillies sign Jesús Luzardo

There were some complicated emotions when the New York Yankees signed Max Fried during the 2024-2025 offseason. The eight-year, $218 million contract was the largest ever given to a left-handed starting pitcher. The last time the Yankees bestowed that honor on a southpaw was with CC Sabathia during the 2008-2009 offseason, and that immediately paid dividends.

Fried wasn't Sabathia, but he was a borderline No. 1 who, when paired with Gerrit Cole, was poised to form a one-two punch that few clubs could match. In normal times, the deal would have drawn a lot of excitement, but the reaction was muted because it only came to fruition thanks to the loss of Juan Soto.

There were critics, however. Eight years was a long time. There was no way the final few years of the deal would be anything but a sunk cost. If New York really wanted Fried, the eighth year and topping $200 million were necessities to fend off the Boston Red Sox and Texas Rangers.

At the end of the day, the reviews were mixed for the contract that ultimately pays Fried an average annual value of $27.25 million. Now, though, in light of the extension the Philadelphia Phillies gave Jesús Luzardo, it might be time to reappraise the value of Fried's deal.

Max Fried's $218 million contract with Yankees vs Jesús Luzardo's $135 million contract with Phillies

It's a five-year, $135 million contract for Luzardo that takes effect next season and also includes a club option for 2032 for $32.5 million. Brass tacks, the deal gives Luzardo an AAV of $27 million. There's no comparison between Luzardo and Fried as far as production, despite the fact that they're both earning similar salaries.

With Cole on the shelf, Fried pitched like an ace for most of the 2025 campaign. His 2.86 ERA, 3.07 FIP, and 189 strikeouts over 195 1/3 innings earned him a fourth-place finish in the AL Cy Young voting. Luzardo, on the other hand, recorded an ERA over a run higher (3.92) while throwing 11 2/3 fewer innings.

That's just last season. Over the last five seasons, the differences are even more pronounced. Fried has posted a sub-3.00 ERA three times since 2021, and hasn't had an ERA over 3.25 in that span. Luzardo has ERAs of 5.00 or greater in two of the five seasons (5.00 in 2024 and 6.61 in 2021).

Fried has tallied 165 innings or more in four of the last five years. Luzard has thrown 100 innings or fewer in three of the last five campaigns.

Yes, Luzardo is four years younger and is signed for three fewer seasons, but right now, Fried's the better pitcher, and it's not even close. The fact that they're making basically the same money every year makes it clear that the value of Fried's deal isn't all that bad after all. Fried's also a bit cheaper than Blake Snell (we'll take that) and far less costly than Framber Valdez's AAV.

There will still be a couple of rough seasons at the end of Fried's deal. Normally, we roast the Yankees for over-extending contracts to lower the luxury tax hits, but in this case, going that far in terms of years was what was necessary to make it happen.

Fried's contract isn't a steal by any means, but it's a fair market-value deal, and that's something that is hard to get mad at.