Is Piazza Worth It?

The Mets recently re-signed Mike Piazza to a $91 million, 7 year contract. The size of the contract, the largest in baseball history, surpassing Pedro Martinez' deal with the Red Sox, has attracted lots of attention. The question for baseball fans, and especially Mets fans, is whether Piazza is worth that much money.

This is not a question of value to society. Baseball players make more money than, say teachers, because that's what people are willing to spend their money on. We, as a people, decide that with our spending habits. It strikes many as unjust, and this type of allotment may be a flaw in the way capitalism works, but our society accepts the flaws of our economic system in exchange for its many benefits. So I think complaining about how much ballplayers and movie stars make is pretty pointless.

The baseball question comes down to what the Mets get in exchange for their money. The Mets clearly think the $91 million is a good investment, that Piazza will bring more revenue into the franchise that he takes out. But that's a guess on their part, since they don't know what the future will bring. It's a gamble.

What Mike Piazza is is the greatest hitting catcher of all time, and it's not particularly close. No catcher has ever been as productive offensively as Piazza has the last 6 years. Defensively, Piazza is best described as adequate. He's not as bad as his detractors say, but he clearly isn't Charles Johnson. But his adequacy is what makes him quite valuable, because his production is worth more coming out of the catcher's slot than elsewhere, because its a lot easier to get good offensive production out of, say, outfielders than catchers.

Paying Mike Piazza the highest salary in baseball right now is definitely worth it. He's a once in a lifetime player who should breeze into the Hall of Fame when he retires. But the Mets have made an extremely long-term commitment to Piazza. Piazza will be 37 when this contract is up, and catchers are not exactly known for their longevity. The last time the Mets acquired a great catcher, one by the name of Gary Carter, he started to decline sharply his second year with the team, when he was 32. The Mets are clearly hoping that Piazza will last far longer than Carter did, and that when he can no longer catch, he will still hit well enough to play first base.

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