David Price to Red Sox: Latest Contract Details, Comments, Reaction

Joe Pantorno@@JoePantornoFeatured Columnist

Toronto Blue Jays starting pitcher David Price delivers to Troy Tulowitzki during a simulated game before a baseball game between the Tampa Bay Rays and the Blue Jays Friday, Oct. 2, 2015, in St. Petersburg, Fla.  (AP Photo/Chris O'Meara)
Chris O'Meara/Associated Press

Left-handed ace David Price signed with the Boston Red Sox on Friday on a new deal for seven years and worth $217 million, per the team.

Peter Abraham of the Boston Globe first reported the agreement on Dec. 1. Ken Rosenthal of FoxSports.com confirmed the signing and noted the inclusion of a three-year opt-out clause.

Bob Nightengale of USA Today reported the St. Louis Cardinals, who could lose John Lackey to free agency and have already lost Lance Lynn next season to Tommy John surgery, finished second in the Price sweepstakes. 

According to Rosenthal, Price's average annual salary of $31 million ties Miguel Cabrera's deal with the Detroit Tigers as the biggest in MLB history. 

However, also from Rosenthal, another starting pitcher might overtake both Price and Cabrera's record soon:

Per Nightengale, the Cardinals offered a seven-year deal worth $30 million less than the Red Sox's offer, but Price had been "enamored" by the postseason success of the franchise. Ultimately, he took the bigger offer.

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Price, who signed a one-year, $19.75 million deal with the Detroit Tigers before the 2015 season, was dealt at the trade deadline to the Toronto Blue Jays, who were looking to mount a playoff run. 

His acquisition helped the Jays do just that, as Price went 9-1 with a 2.30 ERA during his two months in the regular season with Toronto.

His ability to dominate in the regular season and post such a low ERA in the American League made him one of the most sought-after free agents during the offseason.

He joins a rotation that needed an ace of his caliber. He can provide some stability at the top of the pitching staff, allowing fellow starters Clay Buchholz and Rick Porcello to slide into more suitable mid-rotation slots.

All told, it's a major coup for the Red Sox as the offseason arms race begins to heat up.

Stats courtesy of Baseball-Reference.com.