Wells set to fly high with Blue Jays

All-Star center fielder Vernon Wells and the Toronto Blue Jays agreed Friday night to a $126 million, seven-year contract extension through 2014, the sixth-largest deal in baseball history.

“How can you not be happy?” Wells said during a telephone interview with the Associated Press several hours before terms of the deal were finalized. “Like I said, my family comes first. Obviously, this gives me an opportunity to set my family up for a couple of generations. That’s the biggest part of this thing. And this gives me a chance to do something special in Toronto that hasn’t been done in a while.”

The contract value trails only those of Alex Rodriguez ($252 million), Derek Jeter ($189 million), Manny Ramirez ($160 million), Todd Helton ($141.5 million) and Alfonso Soriano ($136 million).

Wells is due $5.6 million next season in the final year of his old contract. The extension calls for a $25.5 million signing bonus, payable in three $8.5 million installments each March 1 in 2008, 2009 and 2010. He will receive a salary of just $500,000 in 2008 and $1.5 million in 2009, but his salary jumps to $12.5 million in 2010 and $23 million in 2011. Wells receives $21 million in each of the final three years.

Under the extension, Wells has the right to terminate his agreement after the 2011 season and become eligible for free agency.

Bagwell calls it quits

When Jeff Bagwell joined the Houston Astros in 1991, they were a last-place team having trouble drawing fans to a stadium that had seen its better days.

Bagwell’s enormous popularity helped triple the team’s annual attendance in the 1990s and his slugging helped lift the team from mediocrity to perennial pennant contention.

Bagwell’s 16-year career with the Astros came to a close Friday, ending his time as one of Houston’s best-loved athletes. Along with his teammate and close friend, Craig Biggio, Bagwell helped convert Houston to a far more savvy baseball city.

Ultimately, his arthritic right shoulder forced him off the field.

“An insurance company said it has settled a lawsuit the Astros filed after the team’s claim to recoup $15.6 million of Bagwell’s contract was denied.

O’Neil receives honor

Buck O’Neil was posthumously awarded the nation’s highest civilian honor in Washington, cited for a life in baseball after being barred from the national pastime in his prime.

The Negro Leagues player, historian and advocate was honored with the Presidential Medal of Freedom in a White House ceremony, less than three months after he died at age 94.

Cubs land Lilly from bed

A day after he agreed to join the Chicago Cubs, Ted Lilly learned exactly how serious they were about signing him.

Lilly didn’t know it at the time, but Cubs general manager Jim Hendry got the deal done from a hospital bed while hooked up to an EKG machine.

“That’s the kind of attitude that we players can take on the field with us,” Lilly said. “Do whatever it takes and whatever’s necessary to win.”

Around the bases

The Boston Red Sox acquired former All-Star reliever Brendan Donnelly from the Los Angeles Angels and agreed to a contract with left-hander J.C. Romero. The team also finalized a deal to bring back Doug Mirabelli, the personal catcher for knuckleballer Tim Wakefield. Boston sent rookie left-hander Phil Seibel to the Angels for the 35-year-old Donnelly. … Infielder Akinori Iwamura became the second Japanese star to land in the major leagues in as many days when he agreed to a $7.7 million, three-year contract with the Tampa Bay Devil Rays.