Chicago signs Peavy to two-year deal

by Matthew on October 31, 2012

Jake Peavy saw no reason to test free agency, and signed a two-year, $29 million contract with an option for 2015 with the Chicago White Sox on Tuesday.

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The right-hander will receive $14.5 million in each of the next two seasons, and if he reaches certain performance milestones, could receive a $15 million option for 2015.

The 31-year-old’s previous deal included a $22 million option for next season with a $4 million buyout. The buyout will be paid in equal installments from 2016-19.

Peavy, the 2007 NL Cy Young Award winner, went 11-12 with a 3.37 ERA in 32 starts this year after three injury-filled seasons, and by all counts seemed poised to hit it big on the open market. However, it is clear he wants to stay in Chicago.

Meanwhile, the White Sox exercised their $9.5 million option on right-hander Gavin Floyd on Tuesday, but declined a $10 million option on right-hander Brett Myers and turned down a $13 million option on third baseman Kevin Youkilis, who came over from Boston in June.

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