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Jake Peavy extension may be announced early next week

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Fox Sports:  Pads near three-year extension with Peavy

The commitment to Peavy would be by far the largest in club history, surpassing the four-year, $34 million contract that the Padres awarded Phil Nevin in 2001.

Sign on San Diego

"We're moving in that direction," Padres CEO Sandy Alderson said, according to the San Diego Union-Tribune. "We're optimistic."

Great news if you are a Padres fan.  Peavy is signing for less than Zito and Zambrano, at an estimated 17.5 per year.  I wonder if the Padres have more pictures of Peavy partying that they are black mailing him with.  Imagine that scene from The Natural where the judge threatens Hobbs with the pictures from his past, with Moores playing the part of the Judge and Peavy as Hobbs.  That's pretty much how it went down right?

All kidding aside, Peavy must really love this city and the organization to take a less than what he could get from other clubs.

MLB.com

"I know what I can get on the open market, but if I get to the open market, it won't be about the money," Peavy said last month. "This team has given me financial security for this Alabama boy's life. I'm very comfortable to be where I'm at."