The previous agreement was set to expire in 2015. It is believed that the Phillies were earning somewhere around $35 million per season under the previous agreement. The details of the extension are unknown, but the Phillies will likely see a drastic increase in annual revenue.
New TV deals for clubs in the AL West, for example, range from the Astros' $60 million per year, all the way up to the $147 million per year the Angels will earn on their new agreement with Fox Sports West. The Ranges will earn $80 million a season and will bring in a one-time fee of $100 million.
Until the details are released, the Phillies' compensation in the deal is unknown, but for a team that has functioned the fourth-largest television market in the country, a place on high-end of that scale seems likely.
The new deal will take effect in 2015, and the buzz surrounding is pretty provocative.
Phillies president David Montgomery has stated that his club never seriously considered moving on Comcast, citing his team's positive relationship with the company and their role in forming Comcast Sportsnet in 1996.
Pluralizing the word "billion" probably didn't hurt either.