Jake Peavy, White Sox agree to two-year extension

David Richard-US PRESSWIRE

The White Sox will have two of their rotation stalwarts from 2012 back next season.

Scratch one big-name pitcher from the free-agent list this offseason; the Chicago White Sox and Jake Peavy have agreed to a two-year contract extension. From a team press release:

The Chicago White Sox have agreed to terms on a two-year, $29-million contract extension with right-handed pitcher Jake Peavy.

Under terms of the contract, Peavy will receive $14.5 million in both 2013 and 2014. If Peavy reaches certain innings pitched thresholds over the course of both the 2013 and 2014 seasons, he can elect to extend the contract to include the 2015 season at a salary of $15 million. Peavy will now receive the $4-million buyout payment due under terms of his previous contract in equal installments between 2016-19.

Peavy, healthy again in 2012 after an injury to his lat muscle that required experimental surgery, went 11-12 with a 3.37 ERA and 194 strikeouts in 32 starts.

The White Sox also exercised a contract option for 2013 on righthander Gavin Floyd and declined options on reliever Brett Myers and third baseman Kevin Youkilis; those three moves were expected.

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