5:59pm: Marc Topkin of The St. Pete Times has the details. It is four-year deal for $28.5MM with a team option for 2012 season at $11MM. It’s a team-friendly contract, as you’d expect. The Rays are setting themselves up for a run of excellence.
5:47pm: Will Carroll of Baseball Prospectus reports that Kazmir has signed and the deal will be announced tonight.
5:45pm: Rays Index transcribes a quote from Rays owner Stuart Sternberg via Mike & The Mad Dog. Sternberg hinted that the team is exploring a deal with Scott Kazmir. Kazmir made his season debut on May 4th following a March elbow strain.
Kazmir, just 24, has two more years of arbitration eligibility before he hits free agency after the 2010 season. The going rate for the last two arb years of a young ace is about $11MM. The Rays managed to get options on James Shields’ first two years of free agency for $9MM and $12MM, respectively. For Fausto Carmona, the free agency options are for $7MM, $9MM, and $12MM.