Yankees News: James Paxton Agrees to $12.5M Contract to Avoid Arbitration

James Paxton reportedly will return to the New York Yankees without having to deal with arbitration. 

MLB Network's Jon Heyman reported the two sides settled on a one-year, $12.5 million deal to keep Paxton in pinstripes. 

It's an overdue payday for the 31-year-old starter who had yet to top the $10 million mark in a season despite a 3.25 ERA with 998 strikeouts in just over five years in the majors. 

Tim Dierkes of MLB Trade Rumors had Paxton's arbitration figure projected at $12.9 million for the 2020 season, so Friday's developments may have saved the Yankees a small bit of cash in an offseason where they've shown a willingness to spend recklessly—having signed ace Gerrit Cole to a $324 million deal earlier this winter, the largest ever for a pitcher.

Paxton spent six years with the Seattle Mariners before New York acquired him in November 2018 for a package of Justus Sheffield, Dom Thompson-Williams and Erik Swanson.

The move quickly paid off as Paxton won 15 games in 2019 with a 3.82 ERA in 29 starts. He topped 150 innings pitched for the second consecutive season while topping 150 strikeouts for the third year in a row. 

The agreement was just one part of a busy day in the Bronx as the Yankees were able to avoid arbitration with some of their biggest stars including outfielder Aaron Judge, catcher Gary Sanchez, third baseman Gio Urshela and relievers Chad Green and Tommy Kahnle. 

Given that New York won the American League East by seven games, and with 103 victories, it's hard to see this offseason as anything but a major boon for what's already become one of the league's most dominant clubs.

Whether Paxton has a future with the Yankees after 2020 remains to be seen. This was the last offseason where the lefty was eligible for arbitration. He's set to enter free agency next winter.