I really don't like contracts.
They make the league rules much more complicated, they make dealing with each year's draft much more complicated, they make trades much more complicated, and they don't have that great of an upside. Instead, I just make player's salaries go up a fixed amount every year. If you want to still keep him, then pay the new salary. If you got him for cheap enough initially, it will be worth it. If you didn't, it won't. Easy, simple, and straight-forward.
0-3 to 4-3. Worst choke in the history of baseball. Enough said.