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Well known/popular won't give you that much of a hit to fan interest. I'd only consider something like this if he were extremely popular locally. Plus, his popularity will fade quickly if he starts tanking and losing playing time to a better option on your roster.
Either way, 10 years is too long for most players, let alone a 30 year old catcher. I would try to give him a short term deal for more money, and try with a team option if you really want to keep him - but doesn't seem necessary to me.
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