Red Sox Extend Clay Buchholz

5:08pm: Sean McAdam of has the breakdown (on Twitter). Buchholz will earn $3.5MM in 2012, $5.5MM in 2013, $7.7MM in 2014, and $12MM in 2015. The two club options are worth $13MM and $13.5MM respectively. 

3:45pm: The Red Sox announced that they have signed Clay Buchholz to a four-year contract extension in a press release. The deal is worth $29.945MM with a pair of club options, making it comparable to the contract signed by teammate Jon Lester a few years ago. Ben Nicholson-Smith looked at Buchholz as an extension candidate back in September.

Boston bought out all three of Buchholz's arbitration-eligible years plus one year of free agency with the contract. The club options cover two more free agent years, and the Red Sox saved approximately $1.6MM against the luxury tax by announcing the deal after the season started. Yovani Gallardo and Ricky Romero are two other young pitchers that have signed similar contracts in recent years. 

Buchholz, 26, broke out in a big way last season, pitching to a 2.33 ERA with 6.2 K/9 and 3.5 BB/9 in 173 2/3 innings (28 starts). He earned his first All-Star Game nod and finished sixth in the Cy Young Award voting thanks to the second lowest ERA in the AL. Fielding independent pitching metrics say he wasn't quite that good as that ERA indicates, but a 3.61 FIP is certainly impressive on its own. 

Lester's deal has proven to be a tremendous bargain for Boston so far, which is the level of success the Sox hope to achieve with Buchholz's deal. Boston now has five starting pitchers under contract through 2012 and four under contract through 2013. 

Jon Paul Morosi of FOX Sports originally reported the agreement (Twitter links) while Gordon Edes of ESPN Boston (on Twitter) and's Rob Bradford and Alex Speier added details.

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