PEORIA, Ariz. -- Having signed All-Star slugger Manny Machado for more than another decade, San Diego Padres chairman Peter Seidler was clear with his goal.

"We're here to win a championship and we came reasonably close last year. We believe we have every chance this year." Seidler said. "Non-conflicted people are saying, hey, the Padres got a shot. ... One year soon, the baseball gods will shine on the San Diego Padres and we will have a parade."

San Diego, which has never won a World Series title, finalized a $350 million, 11-year contract with Machado on Tuesday, the fourth-largest deal in baseball history.

Machado gets a $45 million signing bonus, of which $10 million is payable this Dec. 1 and $5 million on each Dec. 1 from 2027 through 2033.

He receives salaries of $13 million in each of the next three seasons, $21 million in 2026 and $35 million annually from 2027 through 2033.

Machado gets a full no-trade provision, a hotel suite on road trips and the right to purchase a luxury suite and four premium tickets to all home games. He agreed to make a charitable contribution of 1% of his salary each season.

Machado, who has helped turn the Padres into a World Series contender, finished second in the NL MVP race last year as the Padres reached the NL Championship Series before losing to Philadelphia. He figures to anchor a star-laden lineup that includes Xander Bogaerts, Juan Soto and Fernando Tatis Jr., who is on track to return on April 20 from an 80-game suspension for a positive test for a performance-enhancing drug.

"For the fans of San Diego, I think we're going to be here for the long haul," Machado said. "My family and I are going to do a lot of great things for this organization. We're going to go above and beyond for it and hopefully bring a championship to the city that's been craving it and wants it."

Machado and Bogaerts are under contract through 2033 and Tatis through 2034.

Machado batted .298 with 32 home runs and 102 RBIs last year and is entering his 12th big league season. The six-time All-Star has a .282 career batting average with an .833 OPS, 283 homers and 853 RBIs.

His deal's total trails contracts for Mike Trout ($426.5 million for 12 years), Mookie Betts ($365 million for 12 years) and Aaron Judge ($360 million for nine years). However, Machado's $31.8 million average ranks just 14th among active players.

Machado, 30, had said that after this season he planned to opt out of the $300 million, 10-year deal he signed as a free agent in 2019. With the $120 million he already has received, the new contract increases the Padres' commitment to Machado to $470 million over 15 years.