MLB Rumors: Blake Snell, Rays Agree To Record-Setting Contract Extension

The reigning American League Cy Young Award winner just secured a raise.

The Tampa Bay Rays announced Thursday they’ve agreed to a five-year contract extension with left-hander Blake Snell, who’s coming off a 2018 season in which he went 21-5 with a 1.89 ERA.

Snell’s new contract is worth $50 million, ESPN’s Jeff Passan reported Thursday, citing league sources familiar with the deal.

It’s the largest contract ever guaranteed to a pitcher with between two and three years of service time, surpassing Gio Gonzalez’s $42 million deal with the Washington Nationals in 2012. It’s also the largest contract ever given to a pitcher before reaching arbitration, topping Corey Kluber’s $38.5 million deal with the Cleveland Indians in 2015.

Here’s a breakdown of Snell’s contract, according to the Tampa Bay Times’ Marc Topkin:

There reportedly are no options included in Snell’s deal, which buys out all of his arbitration seasons plus one year of free agency. The 26-year-old can hit the open market after his age-30 season in 2023.