Snell is owed $42 million over the next three seasons, which are part of a five-year, $50 million deal he previously signed. That payout comes in the form of $10.5 million next season, followed by $12.5 million in 2022 and $16 million in 2023, per Spotrac.
In a season that took the Rays to the World Series, Snell appeared in 11 games, allowing 42 hits, 18 earned runs and 10 home runs in 50.0 innings, striking out 63 and walking 18 for a 3.24 ERA.
"I'm guessing they think this is the best chance to kill it on the market," an American League executive told Feinsand.
This offseason, the Rays have made it clear that they're looking to add some more room financially. They declined options for starting pitcher Charlie Morton and catcher Mike Zunino, which were worth $15 million and $4.5 million, respectively, and designated Hunter Renfroe for assignment.
But the team still has a number of major contracts on the books, in addition to Snell's: centerfielder Kevin Kiermaier is owed $23.5 million over the next two seasons, and leftfielder Yoshitomo Tsutsugo is in the last season of his contract with a $7 million payout.
If Snell were to hit the trade market, he would certainly garner interest from any teams looking to add strength in their rotation that aren't able to land National League Cy Young winner Trevor Bauer, who is exploring free agency.