|Jake Peavy just got a new contract extension, so why isn't he smiling. Oh, wait ... he is smiling. (Getty Images)|
The new deal will pay Peavy $14.5 million for each of the next two seasons. If Peavy reaches a certain innings-pitched threshold in those seasons, then he can unilaterally exercise a $15-million option for the 2015 season. Peavy's previous contract called for a $22-million team option for 2013 and $4-million buyout. In addition to the new contract soon to be in place, the White Sox will pay Peavy the $4-million buyout on his pre-existing option.
This past season, Peavy, 31, posted a 3.37 ERA across 219.0 innings (his highest workload since his Cy Young campaign of 2007). There's never been any doubting Peavy's stuff or dedication to craft, but he's been unable to stay healthy for much of his Chicago career. His durability this past season, however, reestablished him as a frontline starting pitcher.
The Peavy extension is also the first big move by new GM Rick Hahn.