The Tampa Bay Rays on Thursday announced that they've signed reigning AL Cy Young Award winner Blake Snell to a five-year contract extension that runs through the 2023 season and will pay Snell $50 million. The contract also includes opportunities for Snell to make an additional $2 million in incentives. The deal in essence buys out his arbitration years and one year of Snell's free agency. 

Per the club, it's the largest contract ever given to a pitcher who hasn't yet reached arbitration. 

"Since being drafted in 2011, Blake's talent and hard work have enabled him to establish himself as one of the most dominant pitchers in the game," said Rays Principal Owner Stuart Sternberg. "We're looking forward to seeing him take the mound for the Rays for years to come."

Snell, a 26-year-old left-hander, is coming off a breakout 2018 season:

Blake Snell
TB • SP • 4
ERA1.89
WHIP.97
IP180.2
BB64
K221
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Across parts of three major-league seasons, Snell has pitched to a 140 ERA+ and 2.52 K/BB ratio in 74 starts. He's a former 52nd-overall pick out of Shoreline High School in Shoreline, Wash. 

Earlier this offseason, Snell and the Rays were unable to agree to a salary for the 2019 season, and the team eventually unilaterally renewed him just slightly above the league minimum. Snell called the decision "disappointing." 

Snell next Thursday will make his first career Opening Day start opposite Justin Verlander (who finished second in the 2018 AL Cy Young voting) and the Astros at Tropicana Field.