Starting pitcher, Jake Peavy and the Chicago White Sox agreed to a two-year $29 million contract. He will receive $14.5 million in each of the next two seasons.
If Peavy has 400 innings in the next two years he could also receive a $15 million option for 2015, which includes a minimum of 190 innings in 2014. His previous deal was worth $22 million for the next season with a $4 million buyout which would be paid in equal installments between 2016 and 2019.
The Associated Press quoted Peavy as saying: "I never wanted to play any games with my desire to stay with Chicago. I was open and up front about that in hopes that it would work out. Today is a great day for me and my family and, I hope, for the White Sox, as well."
Peavy won the 2007 NL Cy Young Award after winning the pitching triple crown that year. The White Sox looked very impressive this season. They led the AL Central for quite some time however, finished second behind Detroit.
Peavy knows he would have been able to sign with a stronger team being one of the more attractive players in free agency.
"We certainly knew those options were out there," he added. "The loyalty, the way I feel about the White Sox organization, the way I feel my time has gone there -- I just can't say enough about how strongly I feel about the city of Chicago, the fan base that stood behind me through a few rough years with injury.
"I certainly did all in my power to be where we are today, and that's returning to the place that I'm the happiest."
Rick Hahn, the White Sox General manager said Chicago had initially made an offer to Peavey the Monday after the season ended, however, negotiations started heating up over the last three days.
Hahn said: "The length was absolutely key for us, and being able to insulate ourselves against having a long-term deal - and the risk involved in any long-term deal, much less with a pitcher.
"Being able to do something on a shorter basis had a great deal of appeal to us. ... But the overarching drive to do this was to have Jake Peavy with us, and we were able to do it on terms that we found palatable. "
Retaining Peavy is an indication that Chicago are determined to compete next year with the Tigers. "I can't say we're going to be the favorites," Peavy said. "At the end of the day, I don't think that matters to anybody in the clubhouse.
"I think you saw the attitude that (manager Robin Ventura) brought in. We didn't care what anybody else said about us. We knew who we were. I think the way that the season ended will do nothing but aid and fuel the fire."
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