St. Petersburg, FL, United States (4E Sports) – American League Cy Young winner David Price has avoided salary arbitration by agreeing to a one-year contract with the Tampa Bay Rays, according to a baseball source.
The deal is worth just above $10 million, more than double what Price earned last season, the source said.
Price, who will be eligible for free agency after 2015, made $4.35 million last season and was arbitration-eligible for a second time due to his “Super Two” classification.
The 27-year-old Price went 20-5 last season, with a league-leading 2.56 ERA, to beat Justin Verlander of the Detroit Tigers for the AL Cy Young Award.
In his five years with the Rays, Price has a 61-31 record with a 3.16 ERA. He has made three straight All-Star teams.
Players who have at least three years, but fewer than six, of Major League service time, are eligible to file for arbitration.
However, players in the top 17 percent, based on service time, with at least two but fewer than three years of service are eligible for arbitration under “Super Two” status, like Price.
According to the rules, a player must have at least 86 days of service in the immediately preceding season to qualify for this status.
Typically, the cut-off for the top 17 percent has been around two years, 130 days of total service, though the days fluctuate from year to year.