CC Sabathia Agrees to Contract Extension With Yankees, Reportedly Set to Earn at Least Another $30 Million

by Mike Cole on Mon, Oct 31, 2011 at 7:33PM

CC Sabathia isn't going anywhere after all, not even to test the free-agent waters.

The Yankees ace announced personally Monday that he has agreed to a contract extension with the Yankees, and he will remain in New York.

Many thought that Sabathia would at least excercise the opt-out clause he had in his contract that would let the big left-hander become a free agent this winter. Sabathia was set to make $92 million over the final four years of the seven-year contract he signed in 2008.

ESPN's Buster Olney tweeted shortly after Sabathia announced the deal that the pitcher will make $92 million over the next four years, as was stated in the original contract. The extension guarantees an extra $30 million that could be worth up to another $50 million. According to Olney, Sabathia will make $25 million in 2016, now the fifth year of his new deal, and there's a $25 million vesting option for 2017. If that option isn't picked up, Sabathia will be owed a $5 million buyout. The vesting option is reported to be contingent upon Sabathia's shoulder health.

See Sabathia make the announcement below.