The deal, like one offered by the Dodgers a week earlier, calls for a large portion of Ramirez's salary to be deferred with no interest. Ramirez also has the ability to opt out after one season, in which case he'd wind up making $25 million on the contract, though he wouldn't collect the last of that money until 2012.

The final terms could prove favorable to Ramirez if he proves as successful on the field for the Dodgers as he was last year after being acquired from Boston. He led the Dodgers to the National League Championship Series after batting .396 with 17 homers and 53 RBIs in 53 games for Los Angeles.

Should he enjoy a monster season in 2009 -- and if the economy is on the rebound -- he could try to hit the free agent jackpot again next winter. Ramirez's agent, Scott Boras, has landed big contracts for J.D. Drew and Alex Rodriguez in recent seasons after they have opted out of long-term deals.

Ramirez's current winter-long foray into free agency wasn't too lucrative. As part of his trade last year, he forced the Red Sox to tear up a pair of $20 million options for 2009 and 2010, meaning he left $40 million on the table. He wound up with just $5 million more in his new contract, though much of that is deferred, so the actual difference is even less.