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.