There goes one free agent pitcher off the market: the Chicago White Sox and Jake Peavy have agreed to a two year extension that will pay Peavy $29 million over the two years. The deal also has an option for the 2015 season. Peavy made $17 million last season, and Chicago declined a $22 million club option on him for 2013.
According to MLBTR, Peavy will make $14.5 million in each of 2013 and 2014. His option year for 2015 will morph into a player option based on innings pitched over the two seasons of the deal.
In the Free Agent Preview I wrote up for the White Sox yesterday, I mentioned they'd likely be in the hunt for a pair of starting pitchers after declining Peavy's option and the impending free agency of Francisco Liriano. After this extension for Peavy, they're now just looking for one starter, and that might not even be a sure thing depending on the return of John Danks from shoulder surgery this summer.
Last season, Peavy had a 3.37 ERA in 219 innings for the Sox, his first 200 inning year since he threw 223 1/3 innings in 2007 for the Padres while winning the NL Cy Young award. It's been a mess of injuries for Peavy since that season, but he showed he could still pitch last year. At age 31, Peavy struck out 194 hitters while walking only 49, giving him a 3.96 strikeout to walk ratio that was his best since he was a 23 year old way back in 2005. The two year commitment (with a possibility of a third year) isn't a crippling one for the White Sox, and I think he did enough last season to earn another payday like he received today.
In other White Sox news, they went the expected direction on three club options by declining them for Kevin Youkilis and Brett Myers, and exercising the option for Gavin Floyd. Youkilis receives a $1 million buyout from the club as he heads into the free agent market, while Myers will get $3 million. after being dealt from the Astros to the White Sox last July. By having his option exercised, Floyd will make $9.5 million in 2013 for the White Sox.