Today: The Red Sox have officially announced Crochet’s extension. The full breakdown was reported by Chris Cotillo of MassLive. Crochet gets a $4MM signing bonus followed by a salary of $24MM next year. He then gets $28MM annually from 2027 through 2030, followed by $30MM in 2031. Per Alex Speier of The Boston Globe, there’s also a $15MM conditional club option for 2032 if Crochet misses 120 days due to a significant arm injury. His opt-out after 2030 would also be void if such an absence occurs before then.

March 31: The Red Sox have reportedly reached agreement with new ace Garrett Crochet on a six-year, $170MM extension that goes into effect in 2026. The CAA client can opt out after the 2030 season. The deal, which does not have any deferred money, includes an additional $10MM in escalators based on Cy Young finishes and a $2MM assignment bonus in the event of a trade, though there is not any no-trade protection.

Crochet, who turns 26 in June, was on track to hit free agency after the 2026 season. The extension leaves unchanged his $3.8MM salary for this year. It buys out his final arbitration season and five free agent years, though the opt-out means it “only” extends the team control window by four seasons.

Boston acquired Crochet in one of the offseason’s biggest trades. They packaged four prospects, including their two most recent first-rounders Kyle Teel and Braden Montgomery, to land the All-Star lefty from the White Sox. Crochet had seemed likely to move at last summer’s deadline until a late revelation that his camp was seeking an extension if he were to continue pitching through a playoff race.

Crochet was wrapping up his first full season as a starting pitcher. The 6’6″ southpaw threw a total of 132 innings in college at Tennessee. His draft year was cut short by the cancelation of the 2020 college season. The White Sox selected him 11th overall and fast-tracked him to the big leagues as a reliever. Crochet pitched well in that role for his first year-plus but blew out his elbow in Spring Training 2022. He underwent Tommy John surgery that cost him that season and limited him to 12 2/3 innings the following year.

By the time he’d returned from the Tommy John rehab, the White Sox were in full rebuild mode. They took the high-upside play of giving Crochet a chance to start going into 2024. They probably didn’t expect him to pitch as well as he did. Crochet’s stuff was still overpowering as a starter. He struck out 35.2% of opposing hitters en route to a 3.02 ERA in 107 1/3 frames through the All-Star Break. Chicago dramatically pulled back his workload after the trade deadline. While they kept him on a regular rotation schedule, the White Sox limited him to 2-4 inning appearances for the final two months of the season. That was a prudent approach to keep him healthy after essentially two straight lost years.

Crochet finished the year with a 3.58 ERA across 146 2/3 innings. He struck out 209 hitters while issuing only 33 walks. No other pitcher with at least 100 innings posted a better strikeout rate than his 35.1% mark. On a per-pitch basis, only Blake Snell got more swinging strikes. Crochet’s already impressive ERA was probably a bit inflated by pitching in front of a poor White Sox defense. His swing-and-miss ability pointed to ace upside so long as he could maintain his stuff while working a regular starting workload for a full season.

The Red Sox clearly believe that’s realistic. They parted with a decent amount of prospect talent to acquire Crochet’s final two years of arbitration eligibility. They almost immediately opened extension conversations. Unlike last summer, there was never any doubt that Crochet would pitch into October this year (so long as he stays healthy) regardless of whether a deal got done. Crochet indicated he’d table discussions come Opening Day. That’s a common refrain among players, but it’s not unheard of for players to back off that self-imposed deadline if there’s only a narrow gap as the regular season begins.

Crochet made his first start in a Boston uniform in the interim. He worked five innings of two-run ball with four strikeouts against Texas on Opening Day. While nothing got done last week, he told WEEI’s Rob Bradford on Friday that talks had gone “to the wire” and said that boded well for whenever they reopened discussions. They were evidently close enough to continue communications and get the deal done.

It will not have any impact on this year’s payroll calculations. Crochet is making a modest salary, as his arbitration earning potential had been limited by his lack of innings. That’ll jump beginning next year. The specific salary structure has not been reported, but the contract will count for roughly $28.33MM against Boston’s luxury tax ledger each season from 2026-31.

Crochet would likely have earned something in the $8-10MM range for his final year of arbitration. The Red Sox are valuing the would-be free agent seasons around $32MM annually. That’s a similar range to what Snell commanded in terms of net present value on his five-year free agent deal with the Dodgers. Corbin Burnes got $35MM per season on a six-year deal with Arizona, while Max Fried received a $27.25MM annual value and got eight years from the Yankees. The Red Sox valued Crochet’s free agent years the way they would for a #1/2 type starter.

Crochet technically sets a new standard for starting pitcher extensions in the 4-5 year service bucket. Jacob deGrom’s $120.5MM deal with the Mets from six years ago had been the only nine-figure contract for a pitcher in that service class. Crochet easily topped that. Still, his extension arguably fits better in the 5-6 year service bracket, since it doesn’t go into effect until his final year of arbitration. Nine-figure contracts for pitchers in that class are more common, but Crochet still handily beats the recent guarantees for Luis Castillo ($108MM) and José Berríos ($131MM).

This is the fifth significant contract that the Sox have on the books for at least two years beyond this one. Alex Bregman will make $40MM annually through 2027, though he can opt out after each of the next two seasons and a good portion of his money is deferred. Rafael Devers is signed through 2033 on salaries ranging from $27.5MM to $31MM. Trevor Story will make $25MM per season between 2026-27, assuming he doesn’t opt out next winter. Masataka Yoshida is under contract for $18.6MM annually for another two years.

It’s a risky move for the Red Sox, one that reaffirms their belief that Crochet will be a top-of-the-rotation starter for years to come. They’re buying what they expect to be his prime, as he’s signed from ages 26-32. If he stays healthy and lives up to the ace potential, Crochet could opt out before his age-32 season and potentially command another five- or six-year contract.

Jeff Passan of ESPN first reported that the Red Sox and Crochet agreed to a six-year, $170MM deal beginning in ’26 with the opt-out and no deferred money. Robert Murray of FanSided was first with the $10MM in escalators, which Mark Feinsand of MLB.com specified were based on Cy Young placement. Feinsand had the assignment bonus and absence of no-trade protection.

Image courtesy of Chris Tilley, Imagn Images.