AP source: Cards will pay Holliday through 2029

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NEW YORK (AP) — The St. Louis Cardinals will be paying Matt Holliday through 2029 under the $120 million, seven-year contract that is likely to be finalized Thursday.

Holliday will get $17 million a season in salary, but $2 million a year will be deferred without interest, a person familiar with the negotiations told The Associated Press on Wednesday. The person spoke on condition of anonymity because the sides have not announced financial details of the deal, which was subject to a physical.

Holliday’s contract includes a $17 million team option for 2017 with a $1 million buyout, and the Cardinals must decide whether to exercise it within five days of the end of the 2016 World Series. The option would become guaranteed if Holliday finishes among the top 10 in 2016 NL MVP voting.

Depending on whether the option is exercised, Holliday will receive $1.4 million or $1.6 million each July 15 from 2020 until 2029.

He receives a full no-trade provision, a hotel suite on the road and the same award bonus opportunities that Cardinals teammate Albert Pujols has: $50,000 for election to the NL All-Star team, $25,000 for All-Star selection, $50,000 for division series MVP (an award that doesn’t yet exist), $100,000 for league championship series MVP, $150,000 for World Series MVP, $200,000 for NL MVP and $50,000 each for Gold Glove and Silver Slugger.

St. Louis was planning a Thursday news conference to finalize the agreement with the three-time All-Star outfielder, which was reached Tuesday.

Dealt to the Cardinals from Oakland in July, Holliday hit .353 with 13 homers and 55 RBIs in 63 games for St. Louis. He turns 30 on Jan. 15.