The San Diego Padres and All-Star right-hander Joe Musgrove have agreed to a five-year contract extension worth $100 million, reports CBS Sports HQ's Jim Bowden. Musgrove grew up in San Diego and in April 2021 pitched the franchise's first no-hitter. He was originally scheduled to become a free agent this offseason.

Musgrove, 29 years old, recently was selected to the All-Star Game for the first time in his career. He did so with a strong 16-start effort in the first half that saw him post a 2.42 ERA (157 ERA+) and a 4.43 strikeout-to-walk ratio in 104 innings. He's on pace to set a new career-best in ERA+ for a third consecutive season.

The Padres originally obtained Musgrove as part of a three-team swap back in January 2021. The Padres sent starter Joey Lucchesi to the New York Mets, as well as pitchers David Bednar, Omar Cruz, and Drake Fellows, plus outfielder Hudson Head to the Pittsburgh Pirates. (The Mets also dealt utility player Endy Rodriguez to the Pirates.)

"We've been working on this thing for a while. We're definitely as close as we've been throughout the whole process, but I wouldn't say it's done," Musgrove told the Associated Press last Friday. "It's been relatively easy. It's been tiring. I'm going to continue to go over it and stuff. Talking about it constantly has gotten a little tiring, but I've been excited about the whole thing. The better I pitch, the better position I put myself in. If a deal comes along the way, even better."

The Padres previously attempted to extend Musgrove back in May. They were rebuffed after reportedly offering him an eight-year pact worth around $90 million. Those terms appeared unfavorable to Musgrove even at the time. After all, the Toronto Blue Jays had extended José Berríos for seven years and $131 million in November.

The five-year, $100 million extension is in the same neighborhood as the free-agent contracts signed by Kevin Gausman (five years, $110 million) and reigning AL Cy Young winner Robbie Ray (five years, $115 million) this past offseason.

Musgrove is a major loss for this winter's free-agent crop. The starting pitching class is still expected to feature Jacob deGrom (opt-out), Clayton Kershaw, Nathan Eovaldi, Noah Syndergaard and Jameson Taillon, however, giving teams ample veteran options to sort through.