San Francisco Giants star and all-time great Willie Mays signs the largest contract in MLB, reportedly $90,000 for the 1962 season. Mays will earn it all in 1962, when he hits .304 with 49 home runs and 141 RBI, helping the Giants win the National League pennant.
The BBWAA elects Sandy Koufax, Yogi Berra, and Early Wynn to the Hall of Fame. One year earlier, the writers had failed to elect anyone to the Hall. Koufax makes it in his first try and, at 36 years of age, is the youngest honoree in history.
Free agent Jose Canseco agrees to terms with the Angels. The incentive-laden contract ranges from $200,000 to $5 million based on plate appearances as a DH. He is released March 28, but will get into 76 games with the White Sox for his final MLB season.