Not enough people are familiar with the terms of Tim Wakefield’s contract. Check it out. 
According to Cot’s Baseball Contracts, in 2006 Wakefield signed a one-year, $4 million contract with recurring club options. Every option is for another one year and $4 million, and every time the club picks up his option, an option for the next season is added.
So basically Tim Wakefield and Theo Epstein have determined that Wakefield’s knuckleball services are worth $4 million a year, and Epstein has the option to retain Wakefield at that rate for as long as he’s effective or until he retires.
The Sox exercised his $4 million option for 2007, 2008 and 2009, and, according to WEEI, they’ll do it again for 2010. Cool.
The Majors should always have a knuckleballer, so Wakefield has to keep it up until one of the Charlies Haeger and Zink assumes the mantle.
Tedquarters 
I don’t know, this sounds to me like the old pre-free agency model, only with more money.
A good point, but Wakefield agreed to it, whereas those guys had little to no choice in the matter.
Don’t you dare forget Robert Alan Dickey, Berg.
For comedic value, the image attached to his Wikipage.