Kyle Hendricks, Cubs Agree to 4-Year Contract Extension Worth Reported $55.6M

Chicago Cubs starting pitcher Kyle Hendricks is the latest beneficiary of Major League Baseball's rush of contract extensions. 

The Cubs announced Hendricks signed a four-year extension Tuesday. 

Per The Athletic's Ken Rosenthal, Hendricks' new deal with the Cubs is worth $55.595 million over four years with a team option for 2024. 

Per ESPN's Jeff Passan, Hendricks' fifth-year option will vest if he finishes in the top three of NL Cy Young voting in 2020. If it remains a club option, it will be worth $16 million with a $1.5 million buyout. 

Hendricks gets a substantial raise and long-term security heading into his age-29 season. The right-hander will play this year on the $7.405 million deal he signed in January to avoid arbitration. 

Per Rosenthal, Hendricks' salary will jump to $12 million in 2020 and $14 million in each of the next three seasons. He would have been eligible for free agency after next year. 

The Cubs benefit by locking in one of their most reliable starting pitchers for the next five seasons.

Hendricks led Chicago's starters who made at least 20 starts with 199 innings and 161 strikeouts and finished second with a 3.44 ERA in 2018.