3:04pm: Scot Gregor has the breakdown of the years. Floyd will receive $750K this season, $2.75MM for 2010, $5MM for 2011, and $7MM for 2012.
Gregor adds that they also offered the same deal to Carlos Quentin, who passed as well. Quentin, 27, was a monster last season, posting a line of .288/.394/.571 and blasting 36 HRs in just 130 games. He missed the end of the season after breaking his right wrist.
2:28pm: According to a Twitter update on Joe Cowley's blog, the White Sox have signed Gavin Floyd to a four-year, $15.5MM extension, with a $9.5MM option for 2013.
Floyd, 26, was solid in his first full season, posting a 17-6 record with a 3.84 ERA, and an opponent batting average of .241. The deal is similar to Paul Maholm's extension this winter, and nearly identical to the deal that Scott Baker recently signed. The contract buys out all three of Floyd's arbitration years.
Cowley also reports that John Danks was offered the same contract, but rejected it.
Danks, 24 in April, posted a 12-9 record with a 3.32 ERA, and a .246 BAA. His K:BB ratio of 2.78:1 and K/9 of 7.33 are superior to Floyd's marks of 2.07:1 and 6.33.