Earlier this week, when word broke that the Toronto Blue Jays had agreed to terms with Anthony Santander on a 5 year, $92.5 million deal with an opt-out and club option, the general reaction was that the Jays had overpaid.
However...things are not what they at first seem, it appears. Per Ken Rosenthal, the deal includes $61.75 million in deferred money. When the deferred money is present valued, the overall value of the deal drops to $68.6 million. So instead of a an $18.5 million AAV, the deal has an AAV of $13.7 million.