Stewart announces free agency

BIRMINGHAM, Ala. – Driver free agency is alive and well in NASCAR.

Free agency, the process that has changed the shape and direction of nearly every major sport in America, has begun to take hold in big-time auto racing.

It was only a matter of time.

The movement in NASCAR has been on the rise in recent years and reached a frenzy a year ago when Dale Earnhardt Jr. left DEI for the greener pastures and a bigger paycheck at Hendrick Motorsports. That deal has already brought a respectable level of success for both parties, and in the process has set in motion the prospect of even bigger deals for big-name drivers.

Enter Tony Stewart.

The two-time Cup champion is the latest to enter the free-agency market, letting the world know he's available – to the highest bidder.

In framing his future, Stewart said he is considering every option and admitted that he's been exploring his worth in the market for some time – and apparently he's more valuable than he thought.

With only a year remaining on his contract with Joe Gibbs Racing, Stewart and his advisors had hoped to keep the process private. But after media reports surfaced earlier this week that had Stewart asking to be released from his contract, possibly to start his own team, it became a golden opportunity for him to go public, which he did Thursday before a live national television audience.

"I have received multiple offers recently in regards to what to do after my time is up (at Joe Gibbs Racing), including several that have caught my interest," Stewart said.

Contrary to published reports, Stewart denied asking specifically to be released from his current contract. And while he shied away from specifics pertaining to the offers he's received, Stewart put the pressure on his current employer, laying out a future that, for him, has three clear options: pursue ownership of his own team, seek out a high-priced deal with a new employer or re-up with Joe Gibbs Racing.

Of course, the immediate question is, why would he want to leave JGR, where he's won two championships and currently sits sixth in the standings?

Well, maybe he does, maybe he doesn't.

Staying with JGR, the team that he's been with since he first came to NASCAR in 1999, provides him a competitive option. Loyalty comes into play, too, considering that team owner Joe Gibbs has stood by Stewart even through his most controversial moments.

"There are no problems," Stewart said. "Nothing is broke."

However, when JGR made the move to Toyota this season, after 16 successful seasons running General Motors brands (first Pontiac, then Chevrolet), rumors swept through the garage that the All-American boy Stewart wasn't pleased.

He later acknowledged those rumors, saying the switch was difficult for him personally.

Still, this could have nothing to do with manufacturers and everything to do with money.

With quality drivers in demand now more than ever, Stewart's services would command a hefty price tag. Insiders estimate his value now is in the range of $10-12 million a year.

"The amount of money even drivers who race at mid-pack are receiving would surprise many," said one insider who has been privy to driver contract negotiations.

And Stewart is hardly in the "mid-pack."

By letting it known he's "available," Stewart is, in essence, opening up a bidding war that will most definitely work in his favor.

His third option is team ownership.

There's been months of speculation around the Cup garage that Stewart has been looking to leave JGR and return to a Chevrolet team.

Thursday, Stewart admitted that his relationship with the American manufacturer remains strong, only fueling the prospect that he might be interested in purchasing Gene Haas' Chevrolet organization – an team closely associated with Rick Hendrick's powerful organization.

This would clearly be the most challenging of Stewart's three options as the debris of failure from drivers who have attempted to be their own boss litters the road.

In the past decade, Ricky Rudd, Robby Gordon and Michael Waltrip have attempted the dual role of owning and driving for their own Cup teams with varying levels of success. Rudd ended up selling his team, Gordon is in the process of selling his and Waltrip was faced with the near disintegration of his team last year until he was rescued by an elusive, but extremely wealthy business partner.

Stewart, however, is no Rudd, Gordon or Waltrip. He has already proven his prowess as both a team owner (in the World of Outlaws series) and as a racetrack owner/operator, not to mention he's on another level as a driver.

Despite the difficult odds, Stewart may be the best prepared to beat them.

"Years ago, you guys all asked me if I was interested (in ownership) and I never thought it would be an option," Stewart said Thursday. "But I have to admit, that's been something that's been intriguing about this so far is the possibility.

"In 2001, I started ownership in a World of Outlaws team, and I have to admit I enjoy that challenge. I enjoy the challenge of trying to help be a part of something that grows.

"The idea that there's that potential that we might have that opportunity to be a car owner is something that's exciting to know that that opportunity is out there, and there's not just one but a couple opportunities that have offered that."

Stewart said he's in no hurry to make a decision. And he doesn't have to be. He still has a year left on his contract with JGR.

Regardless, this saga will play out through the summer, or until he makes up his mind. And when he does, it will move the bar that much higher in the driver free agency market, setting the stage for future negotiations for the next big-name driver who is rumored to be poised to place his name in the free agency market – Carl Edwards.