PORT CHARLOTTE, Fla. _ The Rays have signed Cy Young award winner Blake Snell to a five-year, $50-million deal that could keep him with the team through 2023.
The contract covers this season, Snell's three years of arbitration eligibility and his first year of free agency, which is significant.
There are $2 million in escalator clauses that could raise the total value, though no options. The Rays said it is the largest contract given to a pitcher before reaching arbitration.
"Since being drafted in 2011, Blake's talent and hard work have enabled him to establish himself as one of the most dominant pitchers in the game," said Rays principal owner Stuart Sternberg said in a statement. "We're looking forward to seeing him take the mound for the Rays for years to come."
The agreement was somewhat unexpected given that Snell said recently he planned to go to arbitration after past discussions on a long-term deal failed to produce an agreement, and further when the team opted to stick with its salary structure and give him just a $15,500 raise for winning the award, to $573,700, for this season.
Under the new contract, Snell gets a $3 million signing bonus and salaries of $1 million this season, then $7 million in 2020, $10.5 million in 2021, $12.5 million in 2020 and $16 million in 2023, with the opportunity to increase that by up to $2 million based on top three Cy Young award finishes.
The Snell agreement comes a day after the Rays signed infielder/outfielder Brandon Lowe to a deal that guarantees him $24 million over six years and could be worth up to $49 million over eight.
