Jake Peavy Signs 2-Year, $29 Million Extension with Chicago White Sox

Tim KeeneyContributor IOctober 30, 2012

CLEVELAND, OH - OCTOBER 2: Starting pitcher Jake Peavy #44 of the Chicago White Sox pitches during the second inning against the Cleveland Indians at Progressive Field on October 2, 2012 in Cleveland, Ohio. (Photo by Jason Miller/Getty Images)
Jason Miller/Getty Images

Jake Peavy, one of the more sought-after free-agent pitchers for this winter, is already off the market.

The news of his new deal with the Chicago White Sox comes from CBS' Jon Heyman:

#chisox announce $29M, 2-yr deal with jake peavy

— Jon Heyman (@JonHeymanCBS) October 30, 2012

According to Dan Hayes at CSNChicago.com, the 31-year-old righty will make $14.5 million in 2013 and 2014, and can exercise an option worth $15 million in 2015 if he hits certain thresholds.

It was believed all along that Peavy would re-sign with the White Sox, but at first glance, this seems like a fairly steep price for his services.

That's not to say he wasn't downright dominant at times in 2012.

Peavy went just 11-12, but his 3.37 ERA was his best since his last full season with the San Diego Padres in 2008, and his 1.09 WHIP was his best since his 2007 Cy Young campaign.

Throw in an impressive 3.96 SO/BB ratio, four complete games, 219 innings pitched and 194 strikeouts, and it's clear that Peavy is past the shoulder problems that plagued him in 2010 and 2011. 

Still, it's not like a 31-year-old with a history of arm problems coming off his most busy season in five years doesn't come without risk. While he was going to draw a ton of interest in free agency, the large contract is, at the very least, a bit surprising.

Thus, the job of CAA's Jeff Berry, Peavy's new agent, is complete. 

Nonetheless, while Peavy's new contract certainly is a bit risky, it also comes with plenty of potential, and if he continues to pitch like he did in 2012, the White Sox have a surefire ace for the next two seasons.