Tim Wakefield has agreed to a two-year deal with the Red Sox for a total of $5 million. Wakefield will be paid $3.5 in 2010 and $1.5 in 2011 (with more incentives in the second year).
Tony Massarotti reported that the Sox had "some concerns about exercising the regenerating, $4 million option ... in the wake of surgery to remove disc fragments" from Wakefield's back.
I'm assuming the $5 million is guaranteed. That way, Wakefield gets a bit more dough in case age/injuries limit him to pitching only in 2010 and team gets a discount if Wakefield is able to pitch in 2011. If it's not guaranteed, I'm not sure why Wakefield would agree to a lower salary in 2010, if it could possibly be his final season. I doubt the Red Sox would decline the option over a half-million dollars.
The team picked up the $7.1 option on Victor Martinez, but declined $6 option on Alex Gonzalez. No public decision has been made re Jason Varitek.