Red Sox resurrect Reserve Clause

In a fascinating contract extension, the Boston Red Sox and Tim Wakefield have essentially resurrected the Reserve Clause, abolished in 1975. According to the initial Boston Globe staff report:

The Sox will have the option to extend the contract for 2007 and any season thereafter. The contract will remain in effect as long as the Red Sox continue to exercise their yearly option.

I can see why the team would do it. It is not immediately obvious to me what Wakefield gets out of it, but maybe that'll come to me later...