Erik Bedard has “passed” his physical and agreed to a deal with the Seattle Mariners that guarantees him $1.5M with escalators that could take the deal up to $8.5M.  There is also a mutual option for 2011 at $8.5M, that could rise depending on 2010 performance.  Yusmeiro Petit, a November waiver claim, has been designated for assignment to make room for Bedard on the 40-man roster. [Larry Stone]

All we have to worry about is the $1.5M at this point.  Assuming the escalators are tied to games, innings pitched and roster time it’s hard to imagine Bedard will max out the contract.  But, if he does or gets close, you have to think he’ll be earning it.

The mutual option is just a formality.  In order for Bedard to return on that option, both he and the Mariners have to agree to exercise it, and that rarely happens.  If Bedard puts together a relatively healthy season he’ll probably be looking to try and secure a multi-year deal via free agency, thus declining when the Mariners accept.  If Bedard has setback after setback or simply doesn’t pitch up to or near his former ability, he’ll accept and Seattle will decline.  At that price a mutual agreement doesn’t seem impossible, but it’s certainly unlikely.

I’ve got to think that Petit will be claimed when he hits the waiver wire.  If so, that’s too bad, but not a big loss considering the dozen other similar arms in-house.  If he clears, cool.

I was interested to see how the roster situation would shake out, assuming the team would find a way to keep that roster spot available.  But, as Dave mentions, Bedard can’t be placed on the 60-day DL until the season starts, so he’ll be using up one of those 40-man roster spots until then.  Ryan Feierabend and Kanekoa Texeira are probably the prime candidates to be cut if another player is brought in.

Bedard!