White Sox Extend Jake Peavy

It didn't take long for Rick Hahn to make his first move as the general manager of the White Sox. Four days after officially introducing Hahn as GM, the team announced a two-year, $29MM contract extension with Jake Peavy. The deal will keep Peavy in Chicago through 2014 and includes an option for 2015.

“Jake Peavy showed again last season why he is capable of being one of the top pitchers in the American League,” Hahn said in a statement released by the team.

Jake Peavy - White Sox (PW)

Peavy gets a $14.5MM salary in 2013 and 2014. The 2015 option becomes a player option if Peavy reaches innings thresholds in 2013 and 2014. Peavy's previous contract included a $22MM club option with a $4MM buyout. Peavy still receives the buyout, according to the team. It will be paid in equal installments from 2016-19.

Peavy, 31, started 32 games this past season — easily his best showing since he pitched for the Padres. In 219 innings Peavy posted a 3.37 ERA with 8.0 K/9 and 2.0 BB/9. He would have been one of the top starters available in free agency if the White Sox had declined his 2013 option without re-signing him.

This marks Rick Hahn's first major deal as Chicago's GM. CAA Sports represents Peavy, who was without representation as recently as a few weeks ago.

Photo courtesy of US Presswire.


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46 Comments on "White Sox Extend Jake Peavy"


Member
towney007
2 years 8 months ago

So does this void his option for next year?

Member
LiveFastCyYoung
2 years 8 months ago

They had to buy out the option first. So they paid the $4MM, and then extended him.

Member
jb226
2 years 8 months ago

Article indicates they still bought him out, so it’s essentially 2/$33MM commitment to the Sox.

Member
LiveFastCyYoung
2 years 8 months ago

Can’t list it as 2/33MM though because the buyout won’t count towards the luxury tax threshold.

Member
Ron Pitts
2 years 8 months ago

The buyout was already a sunk cost though, so I don’t think it should be included.

Member
Joey Doughnuts
2 years 8 months ago

And that $4M will be deffered as $1.3M per for the 2016, 2017, 2018 seasons.

Member
shysox
2 years 8 months ago

Floyd’s option is getting declined

Edit: I was wrong, sorry :(

Member
ogueira
2 years 8 months ago

MLBTR just filed a separate report, option was picked up on Floyd, declined on Myers and Youk.

Member
Palehose
2 years 8 months ago

It was actually picked up as well.

Guest
2 years 8 months ago

Ha! You were wrong.

Member
lakersdodgersyankees4life
2 years 8 months ago

Greinkes price just went up

Guest
2 years 8 months ago

I like it.

Member
Lunchbox45
2 years 8 months ago

great for the white sox. he probably could have gotten more on the open market

Member
vtadave
2 years 8 months ago

Yeah I would agree. I’m sure the Dodgers and Red Sox would have been in on him, so a 3-4 year deal at $15MM+ would have been attainable. I’ll try not to weep for him though, as he’s already netted $78 million as a big leaguer.

Member
jwsox
2 years 8 months ago

this is a solid deal not an over pay at all and its short enough to really not worry about the age issue. he could have gotten more, but probably not that much, this deal in the long run will more than likely be 3 years 45 million. He was very vocal about wanting to stay in chicago and this proves it, for per year price is probably market value, but the years are a nice concession to stay with a team you like

Guest
2 years 8 months ago

Totally agree, except for the “age issue”, Peavy is 31.

Member
jwsox
2 years 8 months ago

31 really isn’t that old he will be 34 when this deal is done assuming the option vests. It’s like like its a 5-8 year deal which knowning baseball and gms like we all do he easily could have gotten