The Rangers are working to put together a proposal enticing enough to extend Josh Hamilton’s contract. There is no rush. Josh is signed through 2009 for $550,000 plus incentives. An absolute steal for a guy who hit 32 homers and drove in 130 runs, not to mention all the great PR he has brought the Rangers over the last year.

The Rangers want to extend Josh’s contract to avoid salary arbitration in the future. Who knows what that would mean? For the Rangers, Hamilton’s success would be a double-edged sword – productivity equals a large payday for Josh.

So, what’s he worth?

He’s a 27 year-old phenom, a recovering drug and alcohol addict, a potential 40 HR/150 RBI machine, a health risk, a PR superstar, a potential train wreck.

This would be Josh’s first major contract. Many people believe that he won’t want to sign a deal longer than 5 years because he will want to sign another contract (probably the last of his career) at age 32. I’m not so sure the Rangers are willing to risk a deal more than 5 years. Since Josh arrived in Arlington, it seems like he has done everything to get and keep his life on the right track. But things can change in a hurry.

Personally, I think Josh has the type of character to keep him moving in the right direction. His commitment to his faith, his family, his team, and his fans is inspiring. No one spends more time signing autographs, taking pictures, and talking with the fans than Josh. The Rangers and their fans gave Josh’s life a new beginning, a “do over.” Josh has not taken it for granted. He has a message, and he is sharing his story with everyone who will listen.

I think Josh wants to be a Ranger; hopefully, for the rest of his career. This is his home. This is where he was reborn. But this is a business, and I don’t think Josh’s agent nor the Rangers are willing to commit to a deal longer than 5 years.

I expect the offer will look something like 5 years, $35-40 million. And remember, they can always revisit and extend the contract a few years down the road if all is well.

What are your thoughts?

How much is Josh worth to you?