The terms of the contract, according to Ken Rosenthal, are the following: seven years, $60 million with a $6 million signing bonus. Per year, Castro will make $5M, $5M, $6M, $7M, $9M, $10M, and $11M. There will be an option for an eighth year at $16 million.
Rosenthal also reported incentives that could make the deal worth up to $79 million if Castro wins an MVP award, or finishes in the top 5 twice.
The third-year shortstop leads his team in batting average (.276), and has not missed a game all season. He is also second on the team in RBI (63) and stolen bases (21).
Castro is only 22 years old, and he gives up two potential free-agent years by signing the deal.
For updates, stay tuned to SB Nation Chicago. For more in-depth coverage of this series, check out Cubs blog Bleed Cubbie Blue. And for more news and notes from around baseball, visit Baseball Nation.