Fernando Happy at $2 Million : Baseball: Dodgers, Valenzuela compromise with one-year contract at a higher salary, plus incentives. Now team can think about trading for an outfielder.

Those who couldn’t imagine Fernando Valenzuela in anything other than a Dodger uniform no longer need try.

Ending a different sort of “Fernandomania” Friday, the Dodgers reached agreement with the free agent pitcher on a one-year contract worth a guaranteed $2 million. It includes incentives, rare in Dodger contracts, that could push the salary to $2.5 million if Valenzuela is healthy enough to pitch the entire season.

Hours before Valenzuela’s lawyer, Dick Moss, said the pitcher would sign with another team and end his 10-year stay with the Dodgers, the parties hammered out a compromise. Valenzuela accepted less than his demand of three years at $6.5 million but received a higher annual salary than the Dodgers’ most recent offer of two years at $1.7 million per year.

“We are sacrificing some, but you have to be a little bit romantic about this game,” said Tony DeMarco, Valenzuela’s agent, who demanded at least a raise from Valenzuela’s $1.85 million salary last season. “Fernando loves the Dodgers and wants to stay. And now everybody is happy.”

Valenzuela reportedly settled for the short-term pact because few other teams were willing to give him more due to shoulder problems that have caused him to go 15-21 over the last two years. Because this contract has no second year, and because he wasn’t a highly ranked free agent, Valenzuela can return to the free agent market again next winter. If proven healthy, he could earn substantially more.

The Dodgers agreed to a last-minute raise in their offer because Valenzuela was reportedly prepared to accept a similar deal with another team. The only team with a confirmed interest was the Oakland Athletics, although sources say one National League team, perhaps Philadelphia, also entered the sweepstakes.

“We were ready to go elsewhere by the end of the day, but Fernando wanted to give the Dodgers one last chance,” Moss said. “This is where he wanted to play and he felt he owed them the courtesy of that one last meeting. We’re all happy it worked out.”

Moss said he contacted Dodger Vice President Fred Claire in Hawaii Thursday night and set up Friday’s final session, the first time the parties had negotiated in more than a week. Moss and DeMarco met in the offices of Bob Walker, a Dodger legal adviser. Dodger owner Peter O’Malley and Claire participated via the phone, according to Moss. After a lengthy discussion, an agreement was reached around 4 p.m.

“When some people expressed some concern about his shoulder, Fernando decided to do just a one-year deal and prove to everyone that he was healthy,” Moss said. “He is a man of incredible pride.”

Said Claire: “We had explored many different options . . . but this made sense for everybody. If Fernando enjoys a good year, he will be in a very strong position next year. And we have an important pitcher for our ballclub.”

Besides, maybe now Claire can get some sleep. Claire admitted that the thought of losing a former Cy Young Award winner was enough to keep a Dodger official awake nights.

“Not a day went by in the last two weeks when I didn’t live with the thought that I could get a phone call to say that Fernando had signed with another team,” Claire said.

Valenzuela was at his winter home in Mexico and unavailable for comment.

His immediate importance to the club is not on the mound, but in trade talks. His presence gives the Dodgers six starting pitchers, meaning either coveted Ramon Martinez or John Wetteland could be used as bait in a deal for a center fielder. Several deals were possible last week at baseball’s winter meetings, but Claire was reluctant to give up any young arms without knowing he had Valenzuela.

Expect to see such names as Boston’s Ellis Burks, Philadelphia’s Len Dykstra, New York Met Juan Samuel and St. Louis’ Vince Coleman or Willie McGee being tossed around Dodger offices in the next few weeks.

“This certainly gives us added depth at pitching,” Claire said. He said that during his current Hawaii vacation, “I have talked to about 15 general managers, and I’m going to pursue things day by day and see what happens.”

Certainly few thought this one-year settlement would happen with Valenzuela, 29, who has a career record of 128-103 with a 3.19 earned-run average.

After last season, bolstered by winning five of his last seven decisions after not winning for nearly a year because of his tired shoulder, Valenzuela demanded a three-year contract. He had finished the year 10-13 with a 3.43 ERA.

The Dodgers countered with a one-year guaranteed deal worth $1.5 million, with a similar option year. Valenzuela promptly declared free agency.

Said DeMarco at the time: “We obviously have a difference of opinion. We just want what is fair.”

After the Dodgers failed in their bid to sign free agent pitcher Mark Langston, they made another pitch for Valenzuela last week, increasing their offer to $1.7 million annually for two years. Again, Valenzuela would not listen. Sources say he felt the Dodgers were not appreciating his years of service, and taking him for granted.

But despite talk of big New York Yankee dollars, Valenzuela soon learned he wouldn’t get richer anywhere else. And the Dodgers realized although he may not have been as important to other teams, he was certainly important to them. Only when both parties realized the seriousness of their predicament, and how much they needed each other, did they come up with the special deal that DeMarco said contained O’Malley’s personal stamp.

“Peter O’Malley personally helped with this; I was very impressed,” DeMarco said. “This has worked out well for everybody.”