If he reverts back to 2011 form, he's worth the money.
Otherwise, the rest of his career taken as a whole. He's a less durable Johnny Damon (better defensively, not as good offensively, taking 2011 out of the equation) and this is a ridiculous signing that will probably cost them Robinson Cano.
Teams make this mistake all the time. Unless you are taking a chance on a really young ballplayer who is still developing, when you sign a promising injury prone veteran, they don't all of a sudden become durable.
They might have one or two healthy years mixed in, but 7 years, C'mon.
If this was the NFL with non-guaranteed contracts, that would be one thing, but the Yanks are going to be strapped to this deal for a long time whether Ellsbury stays healthy or not.
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