The Rays finalized a two-year extension with right-hander Drew Rasmussen on Tuesday afternoon. The Beverly Hills Sports Council client is guaranteed $8.5MM for what would have been his final two arbitration years. The deal includes a 2027 club option that has a base value of $8MM.
He will receive a $500K signing bonus, a $2MM salary next season, and a $5.5MM salary in 2026. The option comes with a $500K buyout. Various escalators could increase the option value by another $12MM. The price could increase anywhere between $1.5MM and $6MM based on Rasmussen’s health over the next two seasons. He could unlock another $6MM based on his start totals in 2026: $500,000 for eight starts, $750,000 for 12, $1MM each for 16 and 20, $1.25MM for 24 and $1.5MM for 28.
Ramussen, 29, missed the bulk of the 2023-24 seasons recovering from an internal brace procedure to repair the ulnar collateral ligament in his right elbow. That surgery tamped down his workload in both seasons as well as his expected price tag in arbitration. MLBTR contributor Matt Swartz projected a modest $2MM salary for the talented righty in the upcoming season. By virtue of his salary and that signing bonus, he’ll top that sum under this new multi-year arrangement while also sacrificing a year of free agency to lock in some immediate earnings.
It’s an understandable trade-off for Rasmussen, who didn’t get a full look in a big league rotation until his age-26 season (2022) and has since missed ample time due to injury. A sixth-round pick of the Brewers back in 2018, Rasmussen signed for just a $135K bonus and didn’t make his big league debut until 2020. In total, he’s earned under $4MM in his career thus far.
Rasmussen was traded from Milwaukee to Tampa Bay in the 2021 deal that sent Willy Adames to the Brewers. He was sharp down then stretch in a hybrid role for Tampa Bay but had a full-fledged breakout in 2022, That season, Rasmussen pitched a career-high 146 innings and turned in a 2.84 earned run average with a slightly below-average 21.4% strikeout rate against a terrific 5.3% walk rate. He kept the ball on the ground at a strong 46.6% clip. Rasmussen averaged 95.5 mph on his heater, deftly avoided hard contact and recorded a 12.1% swinging-strike rate that suggested more punchouts could be in the tank down the road.
That indeed looked to be the case early in 2023, too. Rasmussen notched an even better 2.62 ERA but saw his strikeout rate spike to 26.6%. He maintained plus command (6.2%) and also saw his ground-ball rate surge to 52.6% — an increase of six percentage points over the prior season. For a span of 36 starts from 2022-23, Rasmussen pitched like a genuine No. 1 or 2 starter — a clear playoff arm who could pitch near the front of any rotation.
Injuries, however, had other ideas for the talented righty. The Rays announced on July 8, 2023 that Rasmussen would require surgery. He wound up missing 13 months of action, returning to a big league mound on Aug. 7 of this past season. The Rays used him primarily as a reliever. He “started” four games but did so throwing only two innings apiece and working as an opener. The results, however, were excellent. In 28 2/3 frames, Rasmussen posted a 2.83 ERA, 30.2% strikeout rate, 5.2% walk rate and 53.3% grounder rate.
The plan now is for Rasmussen to return to the rotation. He’ll join Shane McClanahan (returning from Tommy John surgery), Ryan Pepiot, Taj Bradley, Shane Baz and Zack Littell in a very talented mix of arms. Each of McClanahan, Rasmussen and Baz could face some form of workload limitations, as Baz has yet to pitch a full season since returning from his own ligament surgery in 2022 — though he did pitch 118 2/3 innings combined between Triple-A and the majors in 2024.
For the Rays, there’s little to no impact on their 2025 budget. Rasmussen will only earn a nominal $500K more than his projected arbitration price, thanks to that signing bonus. They’ll also lock in the right-hander’s 2026 salary, gaining some cost certainty. It’s possible that Rasmussen could’ve outpaced that $5.5MM salary in arbitration with a big year, but likely not by much, given the low platform from which he’d be starting. The concession for locking in that ’26 salary is giving up a would-be free-agent season — his age-31 year. So long as he’s healthy, that option will pay him at least $8MM, though with good health there’s a good chance it’ll be a fair bit higher.
While it’s not quite to the same scale as the Rays’ extension with former ace Tyler Glasnow, there are some parallels here. Tampa Bay is putting down some guaranteed money on a talented but oft-injured righty. Glasnow’s $25MM salary in the final season of his own extension was guaranteed, whereas Rasmussen will have to remain healthy to push close to that number. Still, it’s a potentially weighty salary by the Rays’ standards, and one that could render Rasmussen a trade candidate down the road. The extension gives the Rays some extra control over a potential frontline arm but also a viable trade candidate down the road. It’s perhaps cynical to point out the manner in which an extension boosts a player’s trade value in the immediate aftermath of the agreement, but the Rays have a track record of operating in this manner.
For the time being, Rasmussen will head into the season as a locked-in member of a deep and talented rotation. The Rays haven’t done much to improve their middling lineup — though Danny Jansen provides a potential notable upgrade behind the plate. Rather, they’ll apparently hope for big strides from ballyhooed third baseman Junior Caminero and rebounds from Josh Lowe and Christopher Morel, both of whom experienced notable drops at the plate following very productive 2023 campaigns.
Marc Topkin of the Tampa Bay Times first reported that the Rays and Rasmussen were nearing a two-year, $8.5MM extension with an $8MM option for 2027. Topkin reported the presence of escalators in the option, which The Associated Press specified.
All the low money teams handing out blank checks all of a sudden, new cba rules doing the job
I wouldn’t say 8 mil for the next two years of what would have been his arb years anyway is writing a blank check.
This means nothing, he’s already under control.
I’d be shocked if he’s there for any of option years. Tampa is too cheap to sign anyone other than extreme injury risk players.
They will trade him if he’s healthy enough next year
Tampa has liked this guy for a while actually. Drafted him in the 1st round (31st overall) back in 2017 but he didn’t sign only to be taken in the 6th round in 2018 by the brewers and later traded as part of the Willie Adamas trade as the article mentions. They won’t trade him till the deadline or next winter
Rays have been handing out these types of extensions for awhile now. It gives the team cost certainty and adds trade value if they perform well.
murphy8
All the low money teams handing out blank checks
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Just for fun, care to explain why $8.5M/2 is a blank check? This feels like a great deal.
Smart to take the guarantee if you’re pitching in TB.
More than doubles his career earnings.
He’s good when he’s out there. He’ll be traded before year 3
Win-win on the Adames deal.
did he not see what happened with Jeffrey Springs?
He’s 29 years old (30 in July) with about $3.8MM in career earnings (including his signing bonus out of the draft eight years ago.) The Rays offered him more than double that, guaranteed, at a time when he’s pitched a combined 80 innings (minors and majors) over the past two seasons.
I’d imagine the notion of being traded two years from now is secondary.
If he lasts 3 more seasons, he’ll be young enough for another good contract.
He’ll be gone by this time next off-season
What?!! Pennybags $tu extending someone?!! Didn’t know it was April 1 already.
Not much of an extension, more like getting cost control. It protects the Rays if he has a major rebound he won’t get a massive raise in arbitration next winter
Unless these contracts have no trade clauses, we can expect him to be traded if he’s healthy and performing well
Escalators could push the team option price to the point where he’s guaranteed to be traded!
Getting that deal locked in for his future team.
I’d you’re referring to JP Fire hydrant than yes I remember
Need to trade him to the Yankees to remove that caveman-look.
Great deal for TB as long as he can stay healthy for at least 1 season
Unless the details of the article are incorrect, please correct the title. It is not an extension. It is a buyout of the final two years of arbitration with the opportunity to pay for another year if desired at a guaranteed price.
I think most are missing the point of this “extension” (sorry LBV). Ras has had 2 TJS and 1 internal brace procedure that required the same 12+ month recovery as TJS. His baseball career may not survive another major injury, and he only has about $4 million in career earnings. The Rays controlled him this year and next and have agreed to pay him a little more than he was likely to earn in arbitration over the next 2 years (going by Littell’s 2024 and projected 2025 salaries), so there’s no cost savings for the Rays. The Rays don’t even get much cost control in 2027 if he pitches lights out because of the escalators in the deal. So why did the Rays do this deal? Because Ras has pitched well for them for very little money over the years, he’s a good guy and the team likes him, and this extension provides him with peace of mind. This deal buys the Rays good will with the players for treating Ras so well. It was a class act that not many teams would consider doing.
When the Rays extend someone, it’s like a signal to the rest of the world that says “here’s when we plan to trade him, be ready then.” So essentially once his contract starts to increase, no matter how good he’s pitching lol
Always like hearing about a trade that worked out for both teams. This is a solid example.
Good to see the player not being too greedy.