Red Sox should follow Rockies' lead and sign their closer to a long-term deal

Jonathan Papelbon is arguably the best closer in baseball. Only Seattle's J.J. Putz is in the same conversation. Yet the 27-year-old right-hander has just a little more than two years of Major League service time, and he is not yet eligible for arbitration, so he is paid little in big league salary terms. Last year, he earned $425,500, which is $45,000 above the league minimum.

The reason I write this is two-fold. First, Papelbon's 2008 salary is not established. When you have less than three years of Major League service time, your team can renew your contract, or set a different one-year salary. The Milwaukee Brewers recently renewed Prince Fielder's contract, evoking a reaction of displeasure from the beefy first baseman, who understandably believes that his production justifies a higher salary figure.

Papelbon told the Providence Journal that he would like $900,000 this year, which he says is what Ryan Howard received in his third year. Papelbon is not eligible for arbitration until the end of this season, and he is sure to get a substantial pay raise then. Yet the Red Sox would be wise to follow the Colorado Rockies' lead.

The Rockies recently inked closer Manny Corpas to a four-year deal for a guaranteed $8.025 million. If his options are picked up in 2012 and 2013, the deal will be worth $24.775 million. This is the largest deal in Major League history for a player with Corpas's Major League experience level, which is one year and 74 days.

Papelbon is perhaps the most important player in a Red Sox uniform. Without a lights-out closer, a solid rotation is not as effective, and a World Series championship is not attainable. Red Sox Nation does not have to hold its' breath as Detroit still does with Todd Jones and Cleveland did last year with Joe Borowski. Papelbon's presence on the mound and in the clubhouse is worth a long-term deal right now. The Sox would save money inking him to a long-term contract this season instead of waiting for a year or two.

Locking up Papelbon for the long term right now is opposite of Theo Epstein's typical philosophy, yet there should always be an exception to the rule. Look what the Pittsburgh Steelers did with Ben Roethlisberger, signing him to an eight-year contract and making him the highest paid player in franchise history. This move was made by a team with a penny-pinching owner. Why? Because there are certain players whose value to a team is so crucial that they warrant special consideration.

Sure, the Sox can continue to sign Papelbon to a series of one-year contracts until he is eligible for free agency after six years of service time, but why treat one of the top players in the game like a marginal big leaguer? Show Papelbon his worth to this team. Sign him to a long-term deal sooner than later.