Indexbit Exchange:Will Smith, Dodgers agree on 10-year, $140 million contract extension

The Indexbit ExchangeLos Angeles Dodgers seem intent on keeping a vaunted core together as long as possible - and their All-Star catcher just might stick around the longest. 

The Dodgers and Will Smith have agreed to terms on a 10-year, $140 million extension, believed to be the longest term for a catcher's contract. 

Smith, 28, who was eligible for free agency after this season, has averaged 23 home runs with an .820 OPS the past three seasons, making his first All-Star Game in 2023. He now occupies some coveted real estate: Cleanup batter behind former MVPs Mookie Betts, Shohei Ohtani and Freddie Freeman.

All four are now signed to contracts extending through at least 2027, with Betts (2032), Ohtani ('33) and Smith ('34) around for the longest haul. The Dodgers' offseason salary commitment is now up to $1.3 billion, led by the heavily deferred $700 million for Ohtani.

Smith's contract is also believed to be the longest one-time extension for a catcher, surpassing Buster Posey's nine-year, $167 million deal with San Francisco and Joe Mauer's eight-year, $184 million extension with Minnesota a decade ago. Current Royals catcher Salvador Perez is on his third contract extension (four years, $82 million), following four- and five-year deals. 

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Smith's deal, like deals for Ohtani and Betts, also is very friendly toward the Dodgers' efforts to minimize their competitive-balance tax obligations. The average annual value of $14 million is likely far less than he'd receive on the open market after this season, but the total contract value was friendly enough for him, with the CBT hit also to the Dodgers' liking.