Interesting read on Jeter and the Yanks predicament. I hope he is graceful and not hungry for money. I also hope he walks away sooner rather than later.
Calculating the Value of Jeter’s Legacy
By RICHARD SANDOMIR
Ben Solomon for The New York Times
They built a new stadium to resemble their old one and packed it with enough reminders of their past to make it a museum. There might not be a glossy new stadium without the most recent success of the Yankees since the mid-1990s — an era personified by Derek Jeter. Jeter or Mariano Rivera will most likely be the first player on the current roster to have his number retired and to receive a plaque in Monument Park.
Going into his 16th full season, he has played for no other major league team, which puts him in a revered class with seven Yankees Hall of Famers, as well as Thurman Munson and Don Mattingly, his predecessors as team captain. It would be hard to think of Jeter (or Mickey Mantle and Joe DiMaggio before him), signing with another team and suiting up in the visitors’ clubhouse.
For the current generation of Yankees fans, he is the equivalent of other Yankees-for-life. Albert Pujols will have a similar impact in St. Louis if he stays, as Stan Musial did.
Legendary status can result from attachments to players who remain with one team for a decade or more, like Pee Wee Reese and Jackie Robinson in Brooklyn, Ted Williams in Boston, Brooks Robinson in Baltimore, Ernie Banks in Chicago, Al Kaline in Detroit and Robin Yount in Milwaukee.
A legacy like Jeter’s is easy to assess but up to the Yankees to set a value on. And because of the Yankees’ wealth, they can afford to retain him at a steep price beyond his prime.
Glenn Stout, the author of “Yankees Century: 100 Years of New York Yankees Baseball,” wrote in an e-mail: “If he fails to perform, what’s another $10 million a year, particularly when you can give Jeter some significant measure of credit for putting the Yankees in such a strong financial position?”
So does sentiment for his flip toss to throw out Jeremy Giambi at the plate in the 2001 playoffs trump financial pragmatism?
Do the Yankees reward a past filled with clutch hitting and hope for good, if not great, play in the future? At 36, is Jeter worth as much in 2011 and 2012 as he was last season when he was paid $21 million, yet batted 44 points below his career average and showed limited range at shortstop?
Vince Gennaro, who consults on strategy to several major league teams, said, “As a nameless, faceless shortstop, I have him worth $10 million to $11 million, but as Derek Jeter, I have him worth about $20 million.”
In 2011, Gennaro said, a little more than half of that value would be as a performer, but in future seasons “his performance value goes down as his marquee value ascends.”
“In reality,” he added, “his value as a brand-builder will grow long after his skills diminish.”
Jeter holds the Yankees’ franchise record for hits and should eclipse Mantle’s team record for most games sometime this season. He is 74 hits from 3,000. He is a team leader who never gets in trouble in an era rife with athlete misbehavior and discontent. And he is the most marketable athlete in New York — as safe for an advertiser to use as a deceased icon like Gehrig or Babe Ruth.
The precise question — how much to pay a Yankee-for-life and for how long — has only rarely been faced by the Yankees, and never at such financial stakes as Jeter. And it will be done in tandem. Rivera, whose future is less certain at nearly 41 years old, will also test the Yankees’ penchant for historic preservation.
DiMaggio and Mantle were among the highest-paid players of their eras, but the reserve clause gave the Yankees enormous leverage in salary talks. Munson died in a plane crash in 1979 before he and the principal owner George Steinbrenner could joust over free-agent riches. And Mattingly’s chronically bad back shortened his career at age 34 when his salary had peaked at $4.4 million.
The Yankees’ love of continuity that is embodied in legacy players like Jeter competes with their parallel need to have continuity and ticker-tape parades in October. They have been the most aggressive pursuers of free agents, building record payrolls with the salaries of great and (not-so great) hired guns; but only some, like Reggie Jackson, become essential pieces of the Yankees fabric.
Then there is Bernie Williams, who had a very good 16-year career with the Yankees (but was once tempted to leave for Boston) yet played no further when he was not offered a guaranteed contract before the 2007 season.
The Yankees are no doubt calculating that Jeter’s marquee value, even as a player past his best years, is far greater than Williams’s was. And they will certainly look at the financial benefits he is capable of producing as he chases his 3,000th hit or simply shows up for work every day at shortstop or third base if Alex Rodriguez eventually becomes a full time designated hitter.
“Think of the thousands of families who’ll take their kids to his farewell tour,” Gennaro said. “Maybe they take their youngest kid so that in 50 years he can say, ‘I saw Derek Jeter play.’ ”
A contract to remain a Yankee in perpetuity will eventually bestow on Jeter the status once enjoyed by Mantle and DiMaggio as the most lionized living Yankees, a role that is now played by Yogi Berra.
“What they’ll be paying for is a licensing deal,” said John Thorn, a baseball historian. “They will be paying for a brand that they have great equity in — equity that would be destroyed if he plays in Milwaukee next year.”