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MLB legend Larkin: Player contracts make no sense

Hall-of-Fame player Barry Larkin, a former shortstop for the Cincinnati Reds said current Major League Baseball contracts are out of line.

"The length of the contract is the real thing most people are concerned with," Larkin told CNBC. Now an instructor in the Reds minor league system, Larkin stopped short of saying players were being paid too much on an annual basis.

"Whatever the money is, that's just the based on how well the game is doing. So the players should have part of that." He focused specifically on contract length, and hoped that the next collective bargaining agreement would find a way of fixing that.