The Tigers have scheduled a 2 p.m. press conference to officially announce the signing of Prince Fielder, whose contract with Detroit will run through 2020.

According to the Associated Press, the Tigers will pay Fielder $23 million each of his first two seasons, and then $24 million annually for the next seven.

Fielder's is the fourth $200 million contract in baseball history, the others belonging to Albert Pujols and Alex Rodriguez, who had two separate $200 million deals with the Rangers and Yankees. Fielder's $23.78 million average salary is fifth in baseball behind Rodriguez, Pujols, Ryan Howard, and Cliff Lee.

Tigers GM Dave Dombrowski said in a press release:

"Prince Fielder is one of the premier offensive players in the game of baseball and we are extremely excited to add an all-star caliber player like him to our lineup.

"The addition of Prince is a testament to the organization's continued commitment to fielding a championship club."

Other specs of the Fielder deal: He is slated to receive $500,000 if he is voted AL MVP, and $200,000 if he finishes second through fifth. For each MVP after this first, he will receive $1 million. In addition, he will get $100,000 if he is an All-Star starter and $50K is he's a reserve.

Also according to the AP, Fielder will get a hotel suite on the road.

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