MLB Rumors: Pablo López, Twins 'Close' on 4-Year, $73.5M Contract Extension

The Minnesota Twins and starting pitcher Pablo López are "close" to an agreement on a four-year, $73.5 million extension, according to the Miami Herald's Craig Mish and The Athletic's Ken Rosenthal.

López was eligible to become a free agent in 2025. Once signed, his new contract will go into effect next season.

The Twins acquired the right-hander in January in a trade that saw American League batting champion Luis Arraez head to the Miami Marlins. He appeared in 32 games for Miami in 2022, finishing 10-10 with a 3.75 ERA and a 3.71 FIP while averaging 8.7 strikeouts per nine innings.

López has exceeded expectations early into his Minnesota tenure. He's leading MLB with 33 strikeouts and has a 2.71 FIP through four starts. He's tied for seventh in WAR (0.7) among all pitchers at FanGraphs.

The Twins, meanwhile, are 10-6 and one game ahead of the Cleveland Guardians for first place in the American League Central. They understand they're in a position to contend not just now, but well into the future.

Based on his career output, López will probably cool off a bit. The Venezuelan had a 3.77 FIP and struck out 8.6 batters per nine innings during his five-year run in Miami.

But an $18.4 million salary is a reasonable outlay in the event he regresses to be more of a No. 2 or 3 starter instead of a bona fide ace of the staff. The 27-year-old will be a massive bargain if his 2023 performance is indicative of his value moving forward.

From López's perspective, he gets long-term security and could be in a good position to get another sizable contract down the line. He'll be entering his age-32 season when he hits the open market in 2028.